Financial Planning | Parents

Family financial planning is the first step in seeking a post-secondary education for your children. This step is critical to securing financial freedom as you will be able to think about the costs of financing your child's college education in relation to your financial goals. Below are five steps parents can take to assist in the college process to ensure that you do not postpone your retirement or personal goals.

 

Review Finances

Review your finances to make a detailed list of your annual income, monthly expenses, savings accounts, and personal financial goals. This will give you a blue print of where you stand financially to understand how much you can personally contribute to your child’s education.

 

Have Options

Research schools that may not be your child’s first choice as their dream school may not be financially feasible. The same professors at their dream school are teaching at lower priced schools. Remember, your child can get a quality education anywhere it is about what they make it.

 

FAFSA

The Free Application for Federal Student Aid (FAFSA) is the first step in securing a post-secondary education. It is critical that you and your family complete the FAFSA to review your eligibility to see where you stand financially and which options are most affordable.

5 Step process

First come First served!

 

Completing the Free Application for Federal Student Aid (FAFSA) as early as October 1 increases your chances of qualifying for additional aid. You may complete the FAFSA by using your income from prior year's taxes. Remember, financial aid is awarded on a first come first serve basis, so submit the FAFSA as early as possible!

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