Dividing the Costs of a College Education
Published:
Planning for your children’s education is a long-term effort. With college costs on the rise, starting early is key—but what about getting some other important individuals on board?
Depending on your circumstances and preferences, you may choose to have your children contribute some (or all) of their college costs. Giving your children transparency and responsibility over the cost of their education can help them realize the true investment of their educational pursuits.
Here are a few ways your children can help take on the financial costs of college:
• Strengthening their savings account: Your children likely already know the importance of setting money aside for a rainy day, and now they have a clear, long-term goal in mind. After-school jobs or even their weekly allowance can help grow their savings over time. You can work together to set different savings goals (and build in little rewards over time).
• Applying for scholarships: Your children can do this individually with each school they apply to, and they can submit applications to local and national opportunities. Depending on qualifications and areas of study, they may be able to start applying for awards throughout high school, not just their senior year.
• Working: Your children may decide to work part-time (or full-time) throughout school to defray costs, or they may be eligible for a work-study program. You may choose to pay for their college up-front and have them pay you back over time with the wages earned from their post-college career.
No matter how you choose to pay for or split your children’s college education, help is available. We can meet together and with your student to explore your options and determine an effective plan. Call the office any time to schedule an appointment.
Presented By:
Marissa Johnson
Wealth Management Advisor
Profinium Wealth Planning
105 Lake Ave
Fairmont, MN 56301
507-235-5538
507-235-7580
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