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Planning Financially for College

January 19, 2017

It seems like college tuition continues to rise year after year. For those of you that have toddlers currently, who knows what a year’s tuition will be for your children when they reach college. While you can’t control tuition, you can control your financial preparation. The sooner you begin planning for college, the better it will be financially down the road. At Dunncreek Advisors, we have a passion for helping families prepare for the financial aspects around sending your children to college.

Successful Planning Tips

There are plenty of things you can do to plan financially for college. Some things you can customize to fit your habits, while others should be practiced consistently. A few of the successful financial tips that our team at Dunncreek Advisors focuses on include the following:

  • Start at Birth - If you are able to start setting aside money for your child each month from the point that they are born, a lot of money can build up over 18 or so years. While this may not cover their entire tuition, it will definitely put a good dent in the total cost.
  • Talk in High School - Don’t let things like student loans and credit cards fool your kids when they arrive to college. While there may not be any way around student loans, it is important to have financial conversations in high school with your kids so that they are not blindsided in college. Poor financial decisions could end up harming them for years to come once they graduate college.
  • Focus on Career Goals - Before deciding on a college, help your child determine career interests that they may have in mind. This will help them decide which colleges are intriguing options and which ones may not offer the type of career path that they are looking for.
  • Don’t Choose a College Solely Because of its Name - Just because all of your friends go to a certain college doesn’t mean it is the right one for you. When choosing a school, it is important to take the cost, academic majors and location into consideration. What good is a college if they don’t offer the degree and programs you are looking to pursue?
  • Financial Aid - Applying for financial aid could help you and your family tremendously. Make sure all financial aid applications are complete and submitted on time.
  • Weigh Your Options - Before making your final decision, take into account any scholarships as well as in-state or out-of-state costs associated with each college.

If this blog has you starting to think about your own situation, get in touch with my office rdunn@dunncreekadvisors.com. I am always happy to visit with folks who are working on their business transition process. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.