Preparing for Your Student’s Academic Future
Let’s be real — talking about finances is about as comfortable as trying to squeeze into jeans right after the holidays.
When it comes to planning for your student’s college career, sometimes it is best to just take a deep breath and dive in.
One of the best ways to approach the topic of money is to consulta professional. Talking with a financial planner or a financial aid counselor can help you take a realistic look at where you are now, where you want to be when college rolls around, and how you’ll get there.
Then you can start crafting a customized payment plan.
So, ditch those unrealistic expectations and get ready to approach talking about money with confidence.
Here’s How to Get More Comfortable Talking About Money
Meet with a Financial Expert Sooner Than Later
So, you don’t want to talk about money because you’re afraid of what you might find out.
But not talking about money can get you further from your or your child’s dream. And, if you’re not comfortable talking about money, why not speak to someone who is?
First, don’t worry if you have next to no savings, don’t earn much, or don’t know a stock from a bond. Financial planners and financial aid counselors assist people with all different income and savings levels. Their job is to help people solve problems and find opportunities, no matter their situation.
Talk to one of these financial professionals as soon as your child starts to apply to college or earlier, if you can. One you start to formulate a plan, you’ll feel more in control. And all those unknowns will become a lot less scary.
Know All the Financial Options Available to You
A financial planner or financial aid counselor is an expert at money management.
So, feel free to ask about everything from useful ways to save for college, as well as how to free up assets you might already have. This can include refinancing property or moving low-interest accounts into investments with better returns.
And be sure to ask about the different types of scholarships, loans, and grants that might be available. Chances are, you’re going to uncover a lot of great options just by sitting down and talking.
Know That Everything Will be Confidential
Would it ease your anxieties to know that the information these professionals receive is completely confidential?
Financial advisors are legally obligated to keep your history private unless you instruct them otherwise.
An expert keeps their clients’ financial information under lock and key.
Make Talking About Money A Priority
We know that senior year of high school is a busy time for students and their families. But it’s important to make the financial aid process a priority.
The earlier you file the FAFSA, the sooner you can receive a financial aid decision. Then you can start fulfilling the financial plans you mapped out, preferably with a professional.
Filling out these forms might be tedious, but it’s rewarding. So, carve out a few hours to work on the task. Then you’ll be done with it and so much further along the path to affording college!
