There are a lot of emotionally trying experiences associated with sending a child off to college, not least of which is funding the whole experience. The process of getting loans and putting together financial aid to assist in getting into the right schools can be stressful for everyone involved, and seeing as the whole process is on a very limited time table, there isn't a lot of room for error.
Talk to a financial advisor for personal investing advice, and follow these basic tips to get through the process:
Start earlyOpening an account for a college-bound child at a young age can help set aside money until the funds are needed. Youth savings accounts at banks tend to have higher interest rates than standard checking or savings options. However, they don't allow the same kind of withdrawal opportunities, so it will be easier to avoid using this money should a crisis occur before the funds or the child matures.
File for FAFSA
The Free Application for Federal Student Aid is exactly what it sounds like, and while these grants are variable based on a student's economic standing, they are a welcome addition to any financial plan. The entire application process is completely internet-based, pulling tax information from the IRS and state bodies automatically and providing payout information through email or regular post, dependant on personal choice.
Talk to the schoolA lot of educational institutions have their own scholarship and financial aid programs to assist with getting students the right kind of assistance to make their dreams a reality, the Sacramento Bee wrote. These are also usually based on a financial calculator that takes parents' economic situation into account, but there may be other programs available like work-study opportunities, which allow a student to work off college debts while still attending classes.
There are plenty of options available for pupils with good marks and certain extracurricular activities. Some majors and professionals even offer their own programs, so students looking to go into a particular field should research whether there are entities offering funding for performance, essay-writing or other means of considering for these free funds. The Bee wrote in a separate article that scholarships may also be offered by a specific school at the time of acceptance.