At fi-Plan Partners, your children have a special place. Not only do we include your children in your custom investment strategy, we have a special place for them in our office.
In this short video Chris Davis, Director of Integrated Communications, explains what that special place is and the importance fi-Plan Partners places on your children.
Email Chris here.
In my years as a Financial Planning Consultant, I’ve worked with countless parents that are preparing financially for their “old chip off the block” to enter the world of higher education. Well, over the last few months I’ve had the opportunity to put my years of advice to the test as I experience the process first hand. You see, my bundle of joy, has started the mind numbing process of college selections. For those of you who are currently or soon to be venturing down that rabbit hole, consider closely these five quick reference steps.
1. Visit the Campus
The campus visit may be one of the most important and informative steps in your search. Many students have experienced the college of their choice for sporting events, however; an official tour which involves meeting with admission officers, attending a class or two, and even spending a night or two in student housing will provide valuable insight into daily life on campus.
2. Get to Know the Admissions Officer
Getting to know the admissions officer that covers your child’s area and high school is a must. These individuals are there to assist the student in many ways. My son has found this resource to be particularly valuable in the proper wording to be used on his applications as well as having an insider that will proof read admission essays before they are formally submitted. It generally is also the admissions officer that make the recommendations for various scholarships. An officer told us that a student that has the maturity and drive to stay engaged with the admissions office will get preferential treatment when it comes to distributing university funds.
3. Apply Early
Get the application in as early as possible. Knowing the deadlines are paramount and no amount of begging will override a late application. Many colleges have embraced the Common Application. Your child will go to a central website, www.commonapp.org, complete the application and essentially click on the various colleges that he or she wishes to receive an application from. The common application site will also prompt the student as to the other items that a specific college requires for the process. High school transcripts are sent directly from the school with a request in the guidance office. Likewise, ACT and SAT scores have to be forwarded from the testing organization. It is advisable to limit your number of applications because a non-refundable fee of $25 to $75 is usually required for each application. If your student hopes to participate in one of the various sports during their college career, they must also register with the NCAA Initial-Eligibility Clearinghouse as a candidate before being admitted into the college of their choice.
4. Apply for FASFA
Certainly the most frequently asked question that I receive revolves around funding this multi-year adventure. Every parent hopes for some form of scholarship, but not every deserving child will benefit from these funds because of the volume of applicants and the limited funds available. Applying with FASFA (Free Application for Federal Student Aid) can open the door for many federal grants. It is also used as a tool by many higher education institutions for private funds available at the specific college. The application requires the submission of the parents’ current tax returns. The opening date for applications is January 1. This step takes some pre-planning because most Americans wait until the last minute to complete their taxes. When looking for grants, early applicants have the best chance to receive funding because when the money is gone, it is gone.
5. Consider Attending This Event
This Sunday, September 11,2001, the Birmingham-Jefferson Convention Complex will be hosting the 2011 National College Fair from 1:00 to 4:00. This will provide a wonderful resource to gather information on colleges that you haven’t visited.
Keep in mind that a college education is an investment in the future. As wealth managers, we are available to assist our clients with the specific steps and needs that exist with your child in order to simplify the process and to avoid some of the pitfalls.
If you would like to discuss more about the financial side of your child’s college education, please contact me by phone or email.
Quint Cook
Executive Vice President
Wealth Consultant
(205) 989-3498
Email me here