Saving for your child's education early on may be a top priority when developing a financial plan for the future. With college costs rising each year, most students may need help funding their education. As your children get older, you'll want to educate yourself on how to apply for the different financial aid, college loans and scholarship options. You may feel like you have plenty of time, but your young ones will be filling out applications before you know it. The bottom line is: You need a plan.
The Department of Defense offers a range of services and support, including personal financial counseling that can help you find information and explore your options. Navigating the complexities of the different programs available to finance college may seem overwhelming. The process will take time, and most importantly, you'll need a plan.
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Where to start
Not sure where to begin? Try starting with these three steps:
- Figure out how much college will cost. This will depend on where your child wants to go, and where the school is located, but you can try to obtain a general ballpark figure. You can use the Department of Education's College Affordability and Transparency Center calculator to get an estimate.
- Start saving - even if it’s just a little bit. You don’t have to resort to eating peanut butter and jelly sandwiches just to start a college fund. Instead, try the Military Saves pledge and commit to saving a little each month.
- Visit your child's high school counselor. The whole process can be pretty intimidating; don’t be afraid to call in reinforcements. Make an appointment with your child’s counselor to figure out what financial aid options are available.
Navigating financial aid
There are numerous financial aid avenues out there. Use these tips to navigate your options.
- Explore all your options. Grants, loans and scholarships can all be feasible options to help your family pay for college. If you are eligible for the Post 9/11 GI Bill, you may be able to transfer the benefits to your children in certain circumstances.
- Apply, apply, apply. There are many types of scholarships available - even some specifically geared toward children with military parents. Help your child find a few good options, and then work with them through the application process. Local scholarships are a great place to start, but also check out Collegescholarships.org to find reviews of other scholarship websites.
- Know the federal aid deadlines. Don’t wait until the last minute - the Free Application for Federal Student Aid can be time consuming, but it is necessary. Deadlines also vary by state or institution.
- Shop around for student loans. The Consumer Financial Protection Bureau's Know Before You Owe Financial Aid Shopping Sheet can help you make an informed decision.
Saving for college may seem really overwhelming, but a little planning and preparation can go a long way.