- Not applying for financial aid: Many parents assume that they won’t be eligible for financial aid, but this is not always the case. It’s important to complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for grants, scholarships, and loans.
- Not considering alternative options: Parents often focus on traditional four-year colleges, but there are many other options that can be more affordable, such as community colleges, online programs, or trade schools. It’s important to explore all of your options and consider which one is the best fit for your child’s goals and your budget.
- Not discussing the cost of college with their child: It’s important for parents to involve their child in the college decision-making process, including the financial aspects. By having open and honest conversations about the cost of college and the impact it will have on the family’s finances, parents can help their child understand the importance of making informed decisions and being financially responsible.
- Borrowing more than they can afford: It’s important to carefully consider how much you can realistically afford to borrow for college. While it may be tempting to borrow as much as possible in order to cover the full cost of attendance, this can lead to a significant amount of debt that may be difficult to pay off after graduation.
- Not saving for college early enough: It’s never too early to start saving for college. By starting to save for college as soon as possible, even when your child is young, you can take advantage of compound interest and potentially save a significant amount of money. It’s also a good idea to set specific savings goals and develop a plan for reaching them.
