28 Sep How Much Should You Save for College
Some parents have saved for their children’s college education since even before their kids were born. Others have only recently started putting money away. And some haven’t been able to save nearly as much as they would have liked. Regardless of your circumstance, it’s okay. College is expensive for every family and there are number of tips about how much you should save for college and about how to make the most out of financial aid.
Families look at the cost of college and then look at what’s in their bank account and get discouraged. Doing nothing doesn’t help you get closer to paying for an education. Save what you can. Years from now, you won’t look back and think “I wish I’d saved less.”
Keep Costly Colleges in the Mix
Once you know your price range, it’s great to find colleges that fit your family’s budget. Even if you don’t receive significant financial aid, it will help you control costs. At the same time, don’t let sticker shock eliminate colleges from your list. Financial aid formulas are complex; and if you have a student who excels academically merit-based aid can be significant if your student is accepted.
Talk to Your Student
As a parent, you never want to let your child down. And sometimes parents hide the economic realties their family faces. Have open and honest conversations with your student about college costs and what you are able to contribute. Have this conversation early, rather than after your student is admitted and in love with a school you can afford.
Apply for Financial Aid
Families who apply for financial aid are the ones who get the most financial aid. Even if you think you don’t qualify, apply. You might be surprised. Work with one of our professionals to ensure you receive the best package available.
Tell Your Friends
Let your friends with young families know about how much you should save for college. Paying the knowledge forward will help them and they’ll be thankful.