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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