A Parent's Guide to College Planning

As a parent, you want the best for your child and that includes guiding them through the college planning process. Whether your student is just starting high school or already in college, there are some essential tips to keep in mind when it comes to college planning. Read on for our ultimate guide to college planning!

Discussing Goals and Wants

The first and most important step to help your child plan for college is discussing their goals and desires. What degree do they want? What kind of career do they see themselves in? Do they plan on working while in college? Maybe they want to take a gap year. Most kids will not know exactly what they want to do and maybe demotivated. The college planning process can be long and intimidating for a teenager. If your child will be applying for financial aid, they will need your input. Once there is a general understanding of what your child is hoping to accomplish, decide how involved you should be.

Research Options

One of the most important steps in the college planning process is researching possible options. There are thousands of colleges and universities across the country and even more programs within those schools to consider. Take time to explore different schools and their offerings, both online and through visiting campuses if possible. Picking the right college is like buying a house. Although Harvard may be appealing, is it affordable, feasible, and the best fit? Understand your child’s wants and needs to help guide them to what will work long-term. Look into each school’s academic programs, financial aid opportunities, extracurricular activities, housing options, and anything else that’s important to you or your child.

Colleges have different requirements for GPAs, SAT/ACT scores, letters of recommendation, essays, and other factors. Your child should consider colleges that they are meeting the requirements for. If their grades or test scores are not quite there yet, community colleges are a great way for students to work toward getting into a four-year college that they may not be ready for out of high school.

All of these discussions will help narrow down the list of potential schools so you can make an informed decision about where your student should attend. Be supportive of your child’s opinions.

Set a Budget and Plan Financially

Help your child come up with the pros and cons of each option. Location, costs, programs, and housing are some important areas to review. Once the list of options is, is narrowed down, it’s time to start budgeting for college expenses. Create a spreadsheet with estimated tuition costs and any other fees associated with attending each school on your list. Include living expenses like housing costs, books, transportation fees, food allowances, etc., so you can get an accurate picture of what each school might cost over four years (or however many years your student plans to attend). Many college students will have a social life and need to account for general spending as well. Factor in any scholarships or other financial aid packages that could reduce overall costs as well. Once you have a clearer idea of how much money will be needed for each option, it will be easier to pick which one makes the most sense financially.

Applying to Colleges

Before applying to colleges, your student should take the necessary tests (ACT or SAT) and look into possible scholarships. They will also need to put together a college application packet that includes their transcripts, letters of recommendation, essays, and any other materials required for admission. It’s important to start this process early so there is enough time for applications. The earlier they submit their applications, the better their chances are of having options. They should also make sure to keep track of deadlines and confirm receipt of their applications.

Apply for Financial Aid

Once the colleges have been narrowed down and budgets are set, it’s time to apply for financial aid. This includes filing out the Free Application for Federal Student Aid (FAFSA) as well as any other forms required by the college or university. A good way to make sure you don’t miss any important deadlines or paperwork is to create a timeline of all the tasks that need to be completed and when they should be done. This will help keep everything organized and make sure nothing gets overlooked. If you are capable of discussing why Financial Aid and financing college is important, explain it to your child so they understand their responsibilities. If you do not feel comfortable, have your child utilize the financial aid offices at the schools they are applying to.

For a teenager out of high school, the concept of borrowing money and student loans may be foreign. This is a huge responsibility and they should make these decisions to borrow after thought and consideration. Financial aid and student loans are meant to help a student achieve their education and career goals, however, is it wise to take out a large loan for a low-paying career or one they are not fully invested in? This is a crucial step in helping your child get set up for future financial success.

Establish Goals & Deadlines

The last step in the college planning process is setting goals and deadlines for yourself and/or your student. If they are still in high school or early college years, establish goals for grades and standardized test scores that need to be achieved by certain points during their education journey (i.e., at the end of freshman year or before applying for scholarships). Set deadlines for tasks like submitting applications or registering for classes as well so nothing gets overlooked along the way! It’s also important that parents communicate regularly with their child throughout this entire process—set aside time each week to talk about progress being made towards goals set out earlier in the year!

Conclusion: 

College planning can seem overwhelming but if you break it down into manageable steps with clear objectives then it becomes much more manageable! Work with your child and communicate. Start by researching possible schools; then create a budget based on estimated expenses; finally, establish goals & deadlines so everyone stays on track throughout this exciting journey!