It’s every parent’s dream to be able to send their children to a reputable college where they can earn a degree to prepare them for their futures. Though planning for their college education might be among the most expensive investments you’ll make, you may be able to decrease these costs by making these smart choices and decisions that begin with proper planning. To achieve this, college financial planning experts share these common mistakes most parents are still doing that prove to be costly in the end.
Not Saving Early
College costs have steadily increased in the past few years, rising by as much as 100 percent in just a span of 10 years. This can also be traced back to the effects of inflation, which contributes to the increase of college costs by as much as 5 or 6 percent annually; hence, the earlier you start depositing into your 529 college plan, the bigger growth your money will see over time.
Many disputes have arisen as to whether these standardized tests do accurately measure a student’s true capability, though. Some schools, such as the University of Arizona, have addressed this issue by making the standardized test optional. However, students eligible for merit-based aid must still submit their SAT scores in order to get into school.
While ways to deal with the supposed accuracy of standardized test results are still being discussed, seniors gearing up for college in the near future would have no choice but to study well for the exam. Those who lag behind may not be able to get a scholarship and are less likely to be admitted to the school of their dreams. Regardless of how they perceive SAT/ACT, they must invest on review classes since their financial planning for college would never really land on stable ground unless they score well enough.
It is no wonder then that high school students are feeling the stress and pressure of college admission. What can help them in effectively planning for college is the guidance of experts like John McDonough of The Studemont Group College Funding Solutions. Seasoned consultants like him offer a wide range of resources that can enhance a student’s chances of getting accepted into the college of their choice, including preparations for the SAT and ACT, evaluation of their essays, and an objective assessment of their admission application.