Education Planning

• Teach your child about managing money early in life.
• Show them how to budget.
• Help them get their first job.
• Keep an eye on their spending and give them advice when possible.
• Explain how credit cards and debit cards work.
• Talk to them about different kinds of debt.
• Help your child apply for financial aid.
• Educate them about student loans before they borrow.

While nearly all parents want their child to attend college, more families are struggling to come up with the resources necessary. As a result, students are required to take out larger loans, which could potentially weigh heavily on their shoulders later in life.

Here are points to keep in mind when considering your child’s college expenses:

• Save money as soon as possible for their education. Any money in the bank is better than no money in the bank.
• It’s very likely that you’ll be helping your child with their tuition and other related costs.
• Any monetary contribution made to their education is far better than forcing them to borrow.
• Your savings or investments will likely not have a bearing on their eligibility for financial aid.

There will always be some unexpected expenses when your child goes off to college, but there are ways to prepare yourself and your wallet.

1. Start a 529 college savings plan. Although you can always pull from your personal savings, a 529 plan can help you create a pre-determined budget for your child’s college.
2. Seek out and apply for scholarships. With a little investment of your time, you can potentially get a significant amount of money.
3. Identify financial aid available to you. Any tax breaks, payment plans, vocational rehabilitation programs, and more will help reduce your burden.
4. Look for reputable colleges that offer your child’s degree. Be mindful that the cost of the college does not indicate the quality of education they’ll receive.
5. Stay out of debt. In the years before your child heads off to college, don’t take on any large debts that you can’t pay back in the near future.

Students or former students that pay on their student loans will receive a 1098-E form from their loan servicer during tax season. This form outlines the amount of interest paid on the loans throughout the previous year, which may be deducted on your federal tax return.

There are several 529 plans that are extremely flexible and based entirely on what works best for your financial situation. You can base your investments on the age of your child, your risk tolerance and specific needs, or you’re free to invest in alternative investment options.

• Establish a checklist that highlights your career goals and your interests.
• Find real job listings for the careers you want. See what you need to land your dream job.
• Plan to get experience as fast as you can. If possible, set up internships that align with your future career path.
• Before looking for jobs, make sure you know the salary you should expect.

• Before you look into schools, find out what you and your parents can afford.
• Research the salary you expect to make in your future career to determine how much money you can borrow.
• Make sure that your chosen career is in demand.
• Find financial aid sources that may reduce your cost of attending college.
• Check out the different types of student loans to determine which one is best for you.

Before you begin college, it’s important to look into this great program, which could pay for a large portion of your college. If you’re eligible, you need to find out the following before applying to school:

• The amount you’ll be receiving
• The length of the scholarship
• How to transfer the scholarship between universities

If you lose your scholarship or take a year off, you’ll need to look into the reinstatement, renewal, or restoration requirements.

There are a number of unique programs available to members of the military and armed forces. This includes grants, loans, college scholarships, and college programs. If you or a dependent is looking to go back to college, it’s never been a better time.