Planning for your kid to go to college is not always something you should do when your kid is in high school. In fact, ideally it should be a long-term plan that you start as early as possible. College education is not cheap, it’s probably not a problem if you’re a wealthy person who has a billion dollar business, but believe it or not for most people it’s an expensive education, some people even consider it as a luxury. That’s why many parents nowadays already planned college education for their kids since they were in kindergarten.
Making a college planning is not all about funding, selecting course is even more important. If you want your kids to be really good at what they do. Being able to see their talent as early as possible would be a huge advantage for you as a parent, because then you can select the right curriculum for your children since they were in elementary school, high school and then college. If all these could be linked, you can provide a great favor for them to help shape their future, of course by also considering their personal interest as well.
Talk to Your Kids
College planning should involve everyone in the family, this is a big decision that involves a lot of money. If you don’t communicate with your kids or waiting to long, they might think all is fine and you already have everything covered, or maybe you do have the fund but your kids actually wants to go to a more expensive college because they think you are able to support them. That’s why communication is so important and you should start early.
Setup College Funding Plan
Ideally you should setup two different funding plans, one college-funding plan for your kids and the other one for the parents. You can be creative with this plan, you might want to start small investments that can add up over the years, you could also ask other people to get involved. For example, you can encourage grandparents and other close relatives to give college money to your kids instead of giving toys for their birthday or Christmas.
Consider Dual Enrollment College Classes
This could be a huge money saver for you, check with the local high school to see if it’s available. Taking college courses and get the credits before leaving high school could also be a great boost to your kids’ success in their college education.
Loan is Your Last Option
Don’t consider taking a loan unless you really have to. It’s always best not to have debt to avoid any financial problem in the future.