Financial Goals: Preparing For College – Phase 2
Preparing for college…our first blog in this series was about saving for college. When we should start, and how to make it a priority. It also talked about the responsibility of the child’s own saving.
Today we are going to cover preparation. By preparation, we mean those significant years leading up to college. This is the time that tests, grades, activities, grants and scholarships come in to play. This is also the time to narrow your focus or efforts. Last, but certainly not least, now is the time to save, save, save and have a plan!
Do We Have An End Goal In Mind? – Preparing For College
In some families, the dream or the end goal has been around since the beginning of time! A certain school or maybe even just the fact that YOU ARE GOING TO COLLEGE. In other families, college is something considered only if it works out. Maybe your parents want you to go, but they are fine with an associates degree, a technical college, a certification program or some indecision. Having conversations with your children about what their plans, goals and dreams are should start at least before high school. The decisions made in those 4 years impact the financial goals and implications of the 4 years after that.
Luckily, in this day and age, most middle and high schools have counselors. Not only will they guide your student through what needs to accomplished academically in high school, they will also give them a head’s up about what is to come and how to go about it.
Does The Plan Adjust Or The Goal Change? – Preparing For College
Many times, the dream needs to be adjusted. Adjustments could be necessary due to finances, grades or familial changes. Suddenly, one may be required to stay closer to home. Or the reality of tens of thousands of dollars in student loans hits and we make a more conservative decision.
The great news is that the plan can be adjusted along the way. The goal can also change. We are blessed with a myriad of option in this decade. The important thing is that indecision doesn’t equal a failure to plan. Even a plan with a lofty goal and little of idea how to get there is better when it is discussed and pondered.
Can We Make This Work Together? – Preparing For College
I understand that everyone is not in an ideal situation. Many people aren’t. However, knowing your options is key. Talk about it at home. Talk about it with a counselor. Explore loans, financial aid, grants and scholarships. Most importantly, work your plan and be in open communication.
There are many people that work their way through college and pay much of their own. Others who worked very hard through high school earning scholarships. One of my best friend’s college was funded completely by her hard working parents who started saving when she was young. I have another friend who worked a regular job, worked as an RA in her dorm and also took grants where she worked with underprivileged youth in rural areas for EIGHT YEARS after graduating. It wasn’t her dream job and it wasn’t close to home and those years (the 4 in college and the 8 years after) weren’t easy. But they were worth it.
