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Be Alert for Opportunities When Preparing for College Costs

Now that summer is winding down, it will soon be "back-to-school" time. When children are young, your logistics for the new academic year may involve little more than a trip to buy school supplies.

But if you would like to send your kids (or grandkids) to college someday, you need to plan far ahead to meet the financial demands. And, as part of your planning, you also need to be on the lookout for all opportunities to help pay those sizable college bills.

Specifically, you will need to be ready to take action in these areas:

Financial aid:
You should start thinking about financial aid at least a year before your child heads off to college. For example, you can begin submitting the Free Application for Federal Student Aid (FAFSA) on Oct. 1, 2019, for the 2020-21 academic year. And if the past is any guide, you will always need to remember that Oct. 1 date for the next school year. The FAFSA helps colleges and the U.S. Department of Education evaluate your financial need and determine how much financial support your child requires. And since a lot of financial aid is awarded on a first-come, first-served basis, it's a good idea to submit your forms as soon as possible once the application period opens.

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