Financial Planning for College Students Starts From Where You Are Now

If your college fund has been raided for other reasons or is totally non-existant, face reality and start your research

Some parents just keep telling the child all will be well, while doing nothing to help move the process of financial planning for college move ahead. The child meantime, thinks all is well and the parents have everything under control. Then when senior year rolls around, all is drama as the parents reveal that nothing is available for college, but they had good intentions.

No matter how close your child is to high school graduation, bite the bullet, face reality, and follow the steps below to help your student start planning for college:

• Sit down with your child for a family conference.
  
• Put all your cards on the table. Reveal as much about the family finances as you feel is necessary. Fill them in on any college funds or college savings plans you may have available for them. Let the child know if he/she is expected to help pick up the cost of a college education. If you are willing to pay half as long as they maintain a certain grade point average, or if you are willing to loan money, let them know of any conditions you have when helping out financially. Always remember that it is not the parents' responsibility to provide a college education. It does not make you a bad parent if this is not an option for you. However, it is the parent's responsibility to help with the financial planning for college if this is the path the child wishes to follow.
  
  
• Investigate possibilities for receiving need-based federal aid.
  
• a large for of financial planning for college will be applying for federal aid. Fill out the FAFSA form used in applying for federal aid. If your student is not yet in twelfth grade, you won't actually get any money, but it will give you an idea of what you will be expected to contribute to help pay for college.

• Start researching for merit scholarships.
  
• Look for schools where your child would rank high in the applicant pool. There are many public or smaller schools where your child would have a good chance of receiving merit scholarships. FastWeb is the most comprehensive scholarship search engine on the Internet. This is an excellent place to start your research.

• Research the Internet for College Grants.
  
• Grants are awarded funds that do not have to be repaid. There is a lot of competition for grants, but don't let that fact stop you from applying. You never know what might be available to you. There is no central location that lists the many grants available in this country. A good place to start your research is with the "Foundation Directory". This is an annual reference source for information about private and community grant foundations in the United States. Check the Foundation Center's Web Site for current fiscal data for the nation's largest foundations and grants available. You can also call 1-800-478-4661 for a free catalog.

• Look for affordable colleges and universities.
  
• Fiske Guides are published annually. These guides provide up to date information for the upcoming school year. Look for the "Fiske Guide to Colleges". This lists the nation's best bargains in colleges and universities. Another excellent resource is the "Fiske Guide to Getting Into the Right College". Both of these books will pay for themselves many times over.

• Contact schools you are interested in attending.
  
• As soon as you apply for admission, write to their financial aid office to explore the financial aid possibilities. Applying for financial aid will not affect your chances of getting accepted.

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