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Parents’ Checklist
While a significant portion of the responsibility for getting to college falls on the shoulders of the students, parents can help their children by following this action plan:
- Establish a college savings account for each child. Do this as soon as possible — the longer your money is invested, the more it will earn for your child’s education. (2.5 percent of income)
- The Montana Family Education Savings Program is a tax-free, 529 plan that allows families to save for future college tuition, fees, room and board. For more information, visit http://montana.collegesavings.com/.
- Maintain a file of each child’s awards, athletic and volunteer activities and work projects.
- Start developing financial knowledge in children early.
- Monitor education spending programs in the news and keep up with current trends.
- Talk with financial professionals.
- Do a test run in a child’s junior year by filling out the Free Application for Federal Student Aid (FAFSA) and financial aid form.
- Develop budgetary guidelines with each child.
- Deepen specific financial knowledge with children regarding budgeting, credit issues, interest accrual and loan repayment.
- Apply for aid from the likely schools of attendance. Search and apply for as many scholarships and grants as possible.
- Borrow only the necessary funds for college.
Financial aid nights at local high schools are the perfect opportunity for parents to learn about these steps and other, important resources to make the transition from high school to postsecondary education as smooth as possible for students and their families.