When should we begin planning for college costs?

The earlier you begin planning, the better.  Starting a savings program early will build-up a college fund that could reduce the amount of money you have to borrow when your child enters college.

The ideal time to check-in with me for your first college funding discussion is during your child’s sophomore year in high school. Beginning earlier often provides more planning opportunities.

Will our child qualify for financial aid?

Like many aspects of the college process, it depends.

Students from low to medium income families often qualify for need-based aid at most colleges. Students from higher income or more affluent families often will not qualify for need-based aid at public colleges but might qualify at the more expensive private colleges.

Merit aid is generally awarded to students without regard to the family’s income or assets. Rather, it’s based on the qualifications of the student and degree to which the college wants the student on their campus.

Should we save or have money in our child’s name?

If you anticipate that your child will qualify for need-based financial aid, having money in your child’s name will likely reduce their eligibility for need-based aid.

But if your child is not likely to qualify for need-based aid, saving in the child’s name might be exactly what you want to do.

We can help you determine the best way to position your assets for your child’s education.