College Lists and Planning for Financial Independence After College
A key adulting event is for a student to be financially independent after college. Careful planning in high school can help. Minimizing student loans upfront will keep your student from playing catch up after graduation.
A parent and student dialogue begins with the following questions:
What is the amount of contribution a student can expect from his/her parents? Whether the contribution is in the form of current savings, future income or loans, a range of parent financial parameters is important to designate.
What type of need-based giving is on the table? Parents can input reported income into the EFC calculator to determine their baseline for need-based giving.
What type of merit scholarship opportunities are on the table? Think of merit scholarships as a school’s bribe or incentive for you to attend. Students should understand what grades and test scores are needed, not only for admission but also merit giving.
What is the student’s path post-college? If a student has an idea of their program of study and career path – great! Understanding a likely income range post-college will help define how much a student should consider in loans for which he/she will be responsible. If a student needs to continue into graduate studies, the student should consider the combined cost of undergrad as well as graduate studies.
Mapping out a path while still in high school can help minimize the debilitating debt which now keeps many millennial graduates from financial independence. Click Here for a brief conversation with our Director if you’d like to consider how CPC can help.