My oldest son is halfway through his senior year. I can’t believe it. We’re getting information on ordering graduation announcements. My son’s last prom will be coming up. It just all seems surreal. I’ve also realized there are more expenses when planning for college than just going to college.
There are fees I didn’t even think about like:
- college application fees
- SAT and ACT fees
- Transferring SAT scores to applied colleges ($12 by the way)
- travel for campus visits
- and more
If you’re planning for college years down the road, good for you. There are lots of finance solutions available to you. One of the best ones is a 529 plan. 529 plans are tax advantaged education savings plans. The earlier you start a 529 plan the better to really save properly. You also have opportunities for additional funding through the Upromise program in Pennsylvania. You can also do a traditional savings account but it doesn’t have as many advantages as the 529 plan.
Talk With An Expert
Taking to a financial planner might be the best route. Financial planners can look at your finances and your goals and help you create a game plan for the future. This option is good even if you didn’t plan years ahead. If you have more than one child to plan for the future this is probably your best bet. They can also give advice on the best savings solutions for you and your family.
Use School Resources For Help
High School guidance counselors are a great source of information to help find local scholarships, grants, and tips for a smoother transition to college. I’ve talked to my son’s guidance counselor a few times. In fact, I need to make another phone call soon. She’s given my son info about local scholarships, applications processes, and more.
When doing campus visits, the institution you’re visiting typically has someone available to give information on tuition, financial aid, etc. My son visited a local campus. They said with his SAT scores he’s guaranteed about $3000 in scholarships which was nice to hear.
Apply For Grants and Scholarships
I know this should be a no brainer but I’ve heard some people say “I’m not going to apply for that scholarship, there’s a lot of people applying for it” The thing is, they’re going to give it to someone, you may as well throw your name in the hat.
There are also some scholarships that really don’t have many people apply for it. There are also scholarships designed specifically for kids going into certain majors which cuts down on the amount of people that can apply.
