College Planning: When is the best time to get started? May 8, 2009
Complete College Planning Solutions sponsored a workshop last night at the Chatham Library. Several people mentioned to me that their daughter/son was “only” freshmen in high school, and wanted to know when the best time to get started is. The answer is, if your child is in high school, or will be entering 9th grade next fall, you need to start the process.
There are 2 ways we can maximize college aid for your child. One is by matching your student to the right college and “packaging” him/her to attract the highest merit aid award. The other is to position your assets so you qualify for financial aid, rather than having your assets count against you.
The thing I see most often is people wait too long. By doing so, it ties our hands and limits your options (and, frankly, costs you thousands of dollars). The sooner you get started, the greater your chances at maximizing your college aid.
Most people approach this in “reactive” mode. They wait until their child starts visiting colleges before they start thinking about the money part. But the real secret is to be proactive – so you can be first in line when they start handing out the financial aid awards (remember, financial aid is given on a first-come, firstserve basis).
