"A Checklist Of Things You Should Be Doing Right Now If You’re The Parent Of A College-Bound High School Junior..."

by Randall F. Rothstein, CPA, PFS, CCPS
Certified Public Accountant
Accredited Personal Financial Specialist
Certified College Planning Specialist

In this article, we're going to discuss things you should be doing right now if your child is nearing the end of his or her junior year of high school.

But, before I tell you what you should do, I'd like to tell you what you shouldn't do...

Don't Get Lulled Into A False Sense Of Security!

Most parents (and people) get a strange disease called "summer fever" right around when the weather starts getting nice again.

Symptoms include leaving work early, taking half-day Fridays, playing golf and tennis, being more active than usual, and...

Blowing Off Every Important Financial Decision Until After The Summer's Over!

This is usually a big mistake. Panic attacks and nervous episodes start occurring sometime in August as a result of this.

Don't Let This Happen To You!

Don't misunderstand me. Go out and enjoy your summer. Live life to the fullest. Take long weekends and vacations.

But, don't forget to start planning for your child's college education!

Here's a checklist of things you should be doing right now if you're the parent of a college-bound high-school junior:

1. Start Visiting Colleges And Universities That Your Child Is Interested In Applying To.

Most high school students base their decisions on where they want to go to college on "word of mouth". They listen to what their friends say is a good school, or they consult college guides, magazines, and guidance counselors.

Whichever way they decide on their college choices, they must visit the campuses of these schools first to get a good feeling for what each school is like.

Do they want a small town or big city environment? Big or small class sizes? Fraternities or sororities? Good weather or bad weather? What are the people on campus like - cool, nerdy, whatever?

These questions can only be answered by visiting the schools, and now is the time to do it before they apply.

2. Have Your Child Take A Good Test Preparation Course To Get A Better SAT Score.

The good colleges are getting more and more competitive. If they receive applications from two students with the exact same grades and similar extra-curricular activities...

Guess Who They're Gonna Pick?

If you guessed the student with the higher SAT scores, you were right.

Sometimes a higher SAT score can make all the difference between getting into an "O.K." school and a prestigious university.

The small investment you make in a good test preparation service will pay off in high returns for your child.

3. Start Looking For Private Scholarships.

I'm not a big believer in wasting a whole lot of time searching for private scholarships since they only make up about 1% of all the funds available for a college education.

But, just like the lottery - "you gotta get in it to win it!"

Have your child ask their high school guidance counselor what local scholarships are available, and have him/her get applications for all the programs that they think they have a shot at.

4. Start Setting Up Your Income, Assets & Personal Finances To Get The Maximum Amount Of Money From Each School.

Do you have money saved in your child's name? Are you planning on putting money into your retirement plan this year? Do you know how much your home is really worth according to the financial aid formulas?

If you're not sure what the answer should be to the above listed questions, you've got to find out!

A simple mistake in how you handle any of the above situations could easily cost you thousands, if not tens of thousands of dollars in lost financial aid.

You must take control of the process, and understand how the formula works.

Then, and only then, can you use legal and ethical strategies to reduce the amount of money the schools will expect you to pay.

5. Don't Procrastinate.

This is the most important point on the entire checklist.

If you let "summer fever" take over, and decide to put off doing anything until "after the summer's over"...

You're Gonna Lose A Lot Of Money!

Since the financial aid your child will be awarded is based on the current tax year, it is imperative that you start your planning NOW!

Failure to do so WILL cost you a lot of money and lost opportunities to your child.

Don't make the same mistake that most parents make, and put this planning off until another time.

The Time To Do Something Is Right Now!

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