Preparing for college isn’t just about registering for classes or gathering belongings for a dorm room. As one of the biggest financial goals many people ever undertake, college also requires financial preparation. Here are our tips to help you prepare for the financial aspects of higher education.
Start as soon as possible.
The saying “it’s never too early to start saving,” is especially true for building a college fund. With higher education expenses continually rising, families of future students should save as much as possible right from the start. This will help ensure it grows over time.
Look for scholarships.
Many organizations make scholarships available. Look for them at local clubs, charitable organizations and even businesses or industry associations. Plan to apply for as many as possible, even if you don’t think you qualify. You might just be pleasantly surprised.
Complete a Free Application for Federal Student Aid (FAFSA).
The FAFSA is the gateway to potential government financial aid. It allows applicants to request funding through loans, grants and other options.
Look for and educate yourself on alternate funding.
To fill in funding gaps left over after your savings and any scholarships or federal student aid are considered, look for additional sources of funding. This can include private loans, work-study programs, and other grants. When applying for options, be sure to weigh their benefits and costs to determine what is right for you.
Make a budget.
Once you know how much money you will have available to you through all your possible sources of funding, determine how you will put that money to use. Consider the cost of tuition, room and board, books, fees and other expenses, like entertainment. You will also need living essentials such as self-care items, along with higher-end items, such as laptops and even furniture. Whether you or a family member is the student, be sure to have a good understanding of wants versus needs and to make sure that the budget is realistic enough to be followed. You should also prepare for the unexpected, such as medical expenses, a car accident or some other financial challenge.
Get help.
Covering the cost of college is a huge financial goal, and no one has to go it alone. Be sure to enlist the help of one or more trusted individuals to help with the process of completing applications and making financial decisions. Your advisors at APCU/Center Parc are also here to help and can steer you toward the right resources for your unique situation. To learn more, give us a call at 800.859.8431.
