Three Financial Must-Do’s for College-Bound High School
Families
Special to The Truth
One challenge looms large
for many American families as students approach high school
graduation: how to pay for college.
Financial planning should
ideally begin several years before college applications are
even due. But no matter what financial preparation your
family has done, everyone planning to attend college should
take these concrete measures during senior year of high
school.
• Seek Federal Aid.
Complete the Free Application for Federal Student Aid (FAFSA)
as soon as possible. The FAFSA is your first step to
securing financial aid for college, including federal
student loans, and most state and institutional aid.
Unfortunately, many students don’t realize they are eligible
for such aid, leaving tons of money (and potential
educational opportunities) on the table. To complete the
FAFSA, visit fafsa.ed.gov.
• Search for Scholarships.
Because scholarship money typically does not have to be
repaid, it’s important to secure as much of it as possible.
Begin your search using online scholarship databases, such
as TuitionFundingSources.com, and meet with your school
counselor to discuss other available scholarship
opportunities. Micro-scholarships are another option to
consider. Check out sites like raise.me to learn more about
how you can earn scholarship money for your high school
achievements.
• Understand Family
Finances. Now is the time to have some important family
discussions. Parents should set expectations about money
with their students, letting them know what, if any, portion
of college expenses they plan to pay. Students should find
out if any funds have been set aside for their education, as
well as what their responsibilities will entail -- whether
that involves holding down a part-time job or maintaining a
particular grade point average.
• Consider Private Loans.
After exhausting grants, scholarships and other aid options
that don’t require paying interest, private loans may be
worth some consideration and can, in some cases expand your
educational opportunities as a college-bound student.
“It’s important to keep in
mind that there are often many unanticipated expenses
associated with the college years -- from taking an extra
course to paying for materials and technology to spending a
term studying abroad,” says John Rasmussen, head of Wells
Fargo’s private student lending business, who cautions
against a cavalier attitude where loans are concerned.
“Whether you take out a private student loan or leverage
other financial products to pay for miscellaneous expenses,
it’s important to understand the terms of repayment.”
More tips, as well as free
college planning resources, can be found at blogs.wf.com/collegeplanning.
Don’t leave the future
uncertain. If you are college-bound, plan ahead to ensure
that you can meet the costs of your education.
Courtesy StatePoint
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