Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk.
One of these dreams may include saving for a child's college education. College is a lifelong goal that requires planning for more than just finances. We have a few insights to help you prepare for college as you start out on your planning journey.
Start Planning Early
It’s important to remember that the earlier you start your planning, the less overwhelming it can feel. Meeting with a financial professional is a great way to begin the conversation since things have changed so much in the last 20 years.
Elementary School
Reading and writing are a heavy focus in all these standardized tests, entrance exams, and preparation for all educational endeavors. It starts here. It is also a great time to start thinking about what “buckets” of money you have set up and if it’s appropriate to start a bucket that focuses on “college-specific funding” or “dual-purpose assets.” Where are you saving for your goals? Do you have a place to save for college times as well?
Middle School
Taking challenging courses, developing good studying habits, becoming involved in community service, and even solving academic challenges are the most important things you can learn before high school. It’s also essential to explore what careers or things you are interested in and good at. Are you mechanically inclined? Do you love biology and sciences? Finding things that interest a student will help them determine the kind of programming they need in their undergraduate education.
As parents, you can research the cost of different institutions and see what sort of aid students might qualify for. If you haven’t started some tax-advantaged savings, it is time to start talking about where to save to help with college costs.
High School
Standardized testing matters. Every October, second and third-year high school students can take the Preliminary SAT (PSAT), also known as the National Merit Scholarship Qualifying Test (NMSQT). Even if they won't need to take the SAT for college, taking the PSAT/NMSQT is required for many scholarships, such as the National Merit Scholarship.1
Looking forward to the spring of their junior year, college-bound students will want to take the SAT or ACT. An early test date may allow time for repeating the test their senior year, if necessary. No matter how many times your child takes the test, most colleges will only look at the best score.
Ready to dive in and learn more about college planning? Our site is filled with educational videos, articles, slideshows, and calculators designed to help you learn more. As you search our site and find more questions, reach out! We're happy to help.
1. CollegeData.com, 2023