Birth to Preschool: As soon as you place that little bundle of joy in her crib, start putting money in the bank. Saving for college is like a squirrel storing nuts for the winter. He knows he needs them, he’s just never sure quite how many. Learn how to turn peanuts into big money for college.
Elementary school: Here are many examples of great financial plans that show you just how important and easy saving for college can be. No, it isn’t too early. Now is the perfect time!
Middle school: While most students this age don’t know what they want to do “when they grow up,” it pays to start saving money now for cowboy, superhero, or princess school. Your kids will be grown up before you know it. Even if you haven’t started saving yet, it’s never too late.
High school: Whether you’ve been saving for your child’s college fund since birth or you haven’t set aside a penny, the best thing you can do is fill out the FAFSA (Free Application for Federal Student Aid). You must fill out this form to qualify for most forms of financial aid, like loans and scholarships.
If you think you might need further help filling out the FAFSA (it’s a form that makes even CPAs cry like a baby), you’re in luck. An event called College Goal Sunday is hosted all across the nation. This is where volunteers are on hand at local colleges across your state to help you fill out the FAFSA for free. Check out our Michigan College Goal Sunday site for dates and locations near you.
College: At this point, the best financial aid you can give your child is advice on how to stay within a budget. This knowledge will serve them well long after they’ve left college.
For those of you who are facing the New Year with more concern than optimism (and who isn’t these days) Susan Demas’ article on the Wall Street bailout and the credit crunch will shed some light on the current financial crisis and how it affects college financial aid.