Planning for college can be tedious and overwhelming but taking the right steps to put things in order early can remove stress and help in getting your financial plan balanced. Whether you are planning for college a few years in advance or your child is beginning school next semester, knowing the steps that will provide a financial overview of what you are facing is key.
Here are a few things you should take into consideration:
- What type of college is your student considering?
- Do you have any money saved? If so, how much?
- How long do you have to adequately prepare and plan?
- Will your student be eligible for financial aid?
Determining the cost of college is the first step. Your savings plan should be decided based primarily on the cost to attend a public or private college, and whether or not it is an in-state or an out-of-state college. Additional budgeting considerations may include:
- Room and Board
- Additional student fees (beyond tuition)
- Personal expenses
Even if your student qualifies for financial aid, it may not cover the entire cost of their needs. Getting a clear picture of the expenses ahead can help you get a head. Consulting a financial advisor that can offer guidance and strategies will make a huge difference in your ability to adequately prepare.
There are a number of savings options available for parents and grandparents who would like to assist in preparing to pay for college. Our team works with each client to determine the steps to take that will seek to provide the best return on investment, now and in the future.
Knowing you have a resource to turn to can alleviate any concerns you may have when trying to prepare and save for college expenses. Proper financial planning is always a step in the right direction. Every year, the cost of attending college continues to increase. Not having a plan in place could severely impact your resources and ability to cover necessary expenses. Cornerstone Financial Management, LLC serves clients in Columbia, SC and the surrounding areas, providing realistic options to assist families who want a head start on college planning.
Click here if you would like to have a financial advisor contact you about your college planning needs.