If you have a child or children in high school, then you are starting to feel the pressure of planning for college admissions. This is something my husband and I are in the midst of doing for our daughter. Believe me, the process can be daunting.
The issue that plagues many parents is cost. How do we pay for it? When children are young, I encourage parents to put money in their state's
As financial planners, we have to assist parents with staying on top of college savings and funding at the same time we're helping them plan for retirement. This is how I think about it.
Canvas your options
It is imperative that parents discuss college planning with their children when they reach high school. My husband and I have been doing so with our daughter for some time. I believe in talking with her about money and the impact of her decisions. It's important to discuss budgeting. For example, what can your household afford? Explain to your children how much you are willing to contribute per year for their college education.
Some parents I have encountered feel obligated to fully fund their children's college education as a family value, and therefore don't want to talk about money with their children. However, due to competing financial family goals, there may be a need to develop parameters.
If a family has set financial boundaries for college spending, I encourage parents to begin evaluating scholarships, especially if their child knows what subject they want to major in.
There are some scholarships that a student can obtain as early as eighth grade. Freshman year of high school is a good time to go to college websites and look at those institutions'
Educate yourself
One of the most powerful things I've gained from social media is access to information and research. Want to know more about the college admissions process? Use Facebook groups to learn from other parents who have been through where you are heading. You can gain information on specific colleges,
Many high school students are participating in dual-enrollment offerings with community colleges to, in part, save money. But according to a recent Associated Press
Prepare your student — and yourself
This process of minimizing the cost of college can be stressful. One parent shared with me that it is like having a second job, which is why some parents are willing to pay to hire a college consultant, the mean cost of which can start at $850 and run upwards of $10,000.
Some parents may consider hiring a college consultant to help take the pressure off the college admission process. However, in hiring a consultant, be clear on what you want and state your expectations. Some assist your students through the college search, essay writing, submitting applications and keeping your student organized and focused. Others may help with gaining merit scholarships. More and more colleges and universities are becoming test-optional. But taking the SAT or ACT and earning a good score may open the door for merit scholarships.
High school freshmen should get to know their guidance counselors and the services they offer. Relationships with teachers are also important, especially those your student likes and who may offer college recommendations.
Preparing for college is different than it was over 30 years ago — a time at which I tackled the admissions process by myself as a high school student. Today, it has become cumbersome, confusing and downright frustrating — if not overwhelming. I'm learning that it's OK to not know, to ask questions and seek help. We tell clients this all the time. It's OK to take our own advice.
