Education planning

Graduating from college is a momentous occasion and one that any student should be incredibly proud of doing. As you leave the confines of your college campus and begin your life in the “real world,” the financial burden of graduating with student loan debt becomes reality.

Emotions often run high the day any parent drops their child off at college for the first time. It’s an important moment for families and one that symbolizes the start of a child’s independence. But as a parent, grandparent or guardian, you want your child to set their newfound independence off on the right foot emotionally, physically and financially.

Each year, around 84 percent of college students obtain some form of financial aid.¹ To receive financial aid from the government, all students must fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA determines the financial needs of a student based on factors such as current family income and the family’s prior tax year’s income.

As a parent, you know that time with your kids can go by in the blink of an eye. So, whether you are preparing to send your child to kindergarten or are dealing with teenagers, it’s never too early (or too late) to start planning for their higher education. Not sure where to start? We’ve gathered some parents’ most common financial mistakes regarding college planning.

The first week of college is a time of excitement for recent high school graduates. They want to see and do everything without the ball and chain that is their parents. Doing everything is likely to cost money. So then, the first week of college is also about learning, learning how to budget.

The biggest challenge for students and parents when planning for education are the financial costs; including tuition and academic expenses. It’s not just for college anymore – added to the tuition eligibility are K-12, private and religious schools. Funds can be used for four and two year colleges, trade schools, graduate programs and some international institutions.

For many people, helping to pay for their children’s or grandchildren’s education is one of their main financial goals. It’s admirable to want to put your wealth toward bettering the next generation. 

For many people, helping to pay for their children’s or grandchildren’s education is one of their main financial goals. It’s admirable to want to put your wealth toward bettering the next generation.