Plan your path

1.What are my options to save for college?

• Research 4-5 different savings plans that can be used for college.
• Are they simple to open? Does it take a lot of money to start?
• Decide what features and benefits are important to you.

Tip: You can have more than one savings plan. 

2.Who should I be talking to?

• Pick 3-4 people who saved for college. Start with family and friends.
• What plans did they choose? What led to their decisions?
• Get a second opinion from a financial advisor once you land on an option.

Tip: Don’t delay these conversations. The earlier you understand your options, the earlier you can start saving.

3.How much should I save?

• Understand the average net cost for college (what a family actually pays).
• Use your budget to set a college savings goal.
• Reevaluate your goal and progress each year.

Tip: Save as much as you can. Every dollar saved is less money you have to borrow.

4.How do I open an account if I'm ready?

• Cross your t’s and dot your I’s – prepare your paperwork and information.
• Confirm the minimum amount to open an account.
• Decide how much you’ll initially contribute and anything ongoing.

Tip: Families can save in both types of 529 plans (savings and prepaid). This provides a balanced savings strategy and maximum tax benefits – a win-win. 

5.How can I save even more?

• Invite family and friends to help through the gifting option on 529s.
• Automate what you save: monthly, quarterly or annually.
• Boost your savings with extra income, like a work bonus or raise.

Tip: Are your kids aging out of daycare? Redirect that money to college savings. 

1.Where am I in the college savings journey?

Getting started now?

• Learn about the most common plans used to save for college.

Already saving? 

• Check on your progress. Are you making strides?
• See if you can reallocate any current spending for college.

Tip: Use a college savings calculator to see how a little bump in contributions can really add up over time. Check out ours! 

2.How else can I earmark money for college?

• Invite family and friends to help through the gifting option on 529s.
• Make tweaks that add up over time, like coffee from home vs. chain-bought.
• Boost your savings with extra income, like a work bonus or raise.

Tip: When your kids no longer need things that cost you big (like braces), redirect that money to college savings.

3.How do I get my kids to start thinking about college?

• Describe all the different types of colleges. How they imagine college might be widely influenced by tv and movies.
• Make the connection between what they enjoy and what they can study in college.
• Is school using a planning tool like Naviance? Work those assessment results into the conversation.

Tip: Let your kids take the lead. This is just the exploration phase, so keep it fun!

4.How do we make college more real?

• Get a taste of college life with a pre-college program.
• Go on a college tour or attend events open to the public.
• Use your alum status to find opportunities at your alma mater.

Tip: Taking a family trip? Find time to walk around the campus of a nearby college.

5.Are my kids making the most of their school experience?

• Encourage your kids to participate in clubs or extracurricular activities.
• Design an academic plan for high school with the middle school counselor.
• Will AP classes be important? Put any pre reqs on your radar.

Tip: Encourage your child to start their own club. This builds organization, leadership, and management skills.

1.Where am I in the college savings journey?

Getting started now?

• Maximize the time left in high school using savings strategies.

Already saving? 

• Check on your progress. Are you making strides?
• See if you can reallocate any current spending for college.

Tip: Does your child have a part-time job? Encourage they save a little every week for books and supplies and to have spending money.

2.How do I create my college list?

• Talk to your kids about what they feel is most important in a college, like academics, campus size and location.
• Use an online tool, like Naviance, to identify colleges that could be a good fit.
• For colleges that top the list, schedule a campus visit or look for a virtual tour.

Tip:  Make sure the list is a good mix of schools – ranging from “I’ll probably get in” to “It’s a long shot” for your child.

3.What should I know about applying to college?

• Learn about the different college admissions options, like early decision, early action and regular decision.
• Decide what teachers to ask for letters of recommendation. The letters carry weight.
• Planning to take the SAT or ACT? Check the standardized testing policies at the colleges you’re considering.

Tip: Admissions deadlines vary between colleges. Track dates and requirements however it works for you.

4.Who should we be talking to right now?

• Encourage your kids to talk with 3 college grads. What did they like? Dislike? What would they have done differently?
• Talk to other parents who sent their kids through college. What was challenging? Surprising? What do they recommend?
• Go right to the source. Have your child speak directly with colleges.

Tip: The best advice comes from experience. You’re surrounded by experts every day!

5.What's affordable for our family?

• Talk college costs early and often with the whole family and set realistic expectations about what you are willing and able to pay for college.
• Estimate how much of your savings can cover college costs.
• Get sage guidance (at the least a second opinion) from a financial advisor.

Tip: Every college has a net price calculator on their website. Use this tool to estimate your family’s real cost of college. 

1.How can I prepare to meet college expenses?

• Make a detailed list of every college expense, from tuition and fees to a shower caddy.
• Review financial aid application procedures and policies at each college.
• Keep saving to cover the later years of college too.

Tip: Get the big picture. Calculate how much of your savings you will use. Will you spread it out – a little each year – or use it in one lump sum?

2.How will I pay for college and expenses?

• Look at past, present and future income – aka savings, current income and borrowing.
• Planning to borrow? Research parent and student loans and the interest rates and terms.
• See what the college offers to help minimize debt, like a payment plan.

Tip: Be candid with your kids about student loan debt. Let them know it can be a long commitment.

3.What are some other ways to cover and reduce costs?

• Keep the scholarship search alive in college.
• Pick up work study or a part-time job to cover miscellaneous expenses.
• Think outside the box to reduce costs. Can your child live off campus, commute from home or accelerate coursework to graduate early?

Tip: Let the financial aid office know of any big changes that could impact your family’s ability to pay, like job loss or divorce. The college can see if additional financial support is available.

4.How can I help my child prepare for life after graduation?

• Encourage them to use the career center on campus and all its resources.
• Remind them that a job right out of college is as good as a career – any experience is valuable.
• Is graduate school next? Look for assistantships to reduce costs.

Tip: Don’t wait until senior year to speak with the career center. Your child should start early to help land that first job.

5.What are some financial considerations after college?

• Did you take out a loan? Make sure you balance loan repayment and saving for retirement.
• Did your kids borrow loans? Help them prepare for repayment by checking their loan balance and learning the repayment options.
• “Don’t live beyond your means.” Teach your kids how to create and follow a realistic budget.

Tip: When possible, try and overpay on your student loans. In the long run, paying off sooner means less interest – and more money saved.