Start planning
for college early, the earlier the better. Start saving as early as possible. If
there are other members of the family (such as grandparents) who have expressed
an interest in financially helping with college expenses, follow up on those
ideas early. Grandparents can contribute to a state-sponsored 529 plan on behalf
of a student. Grandparents can also make tuition payments directly to a college
on behalf of the student without jeopardizing the annual limitations on
individual gifts.
Teach your children about making responsible financial
decisions and record-keeping. Teach the benefits and dangers of credit cards and
the importance of keeping a good credit rating.
Scrutinize the
Bursar's bill closely. Even colleges can make mistakes.
Every year, financial aid has to be reapplied for. You must
fill out the FAFSA (at least) three more times after your teen has been accepted
to college. Some scholarships, loans and grants must be reapplied for or
renewed. These later deadlines are just as important as those of the high school
senior year.
