It may seem like they were born yesterday, but your children are finally 18 years old, graduating high school and moving on to the next major chapter of their lives. After saving and planning for years, it is now time to send your young adults off to college. And, whether or not you realize it yet, they are considered adults for most financial and legal purposes. The following serves as a checklist of items to discuss with your college-bound young adults before they head out the door.
Managing college expenses for a loved one needs to be considered within the larger context of a family’s financial situation, time horizon, resources and other goals. Planning for the education of a child or grandchild is an important priority for many families. Whether saving starts early or the child is heading to college within the year, numerous options exist to tailor planning to the anticipated financial needs, as well as the time constraints, of the family. Planning considerations may vary for college and graduate studies or for educational plans that also include pre-school. Likewise, different educational goals involve different types of expenses. The following checklist will help you identify key actions to begin the process of funding educational opportunities.