When your child is
young...
__ Determine
potential total cost of college
__ Decide on a percentage of the total cost to
set as a savings target amount
__ Calculate how much to save monthly
__ Continue to save enough for retirement
__ Review saving options such as 529 plans and
education saving accounts
__ Consider investing more aggressively
__ Weigh benefits/drawbacks of saving in child's
name
__ Begin a realistic savings program
When your child is in
middle school...
__ Start or
continue college savings
__ Invest less aggressively
__ Don't sacrifice saving for retirement
When your child
is in high school...
__ Evaluate whether
college is right for your child
__ Invest more conservatively
__ Understand how financial aid works
__ Pump up savings by cutting expenses, extra
job, etc.
__ Have child start saving for college
__ Take advanced placement classes
__ Discuss with child what you realistically can
afford
__ Consider the military for education
assistance
__ Consider less expensive alternatives such
as community college
__ Weigh quality/cost of college choices
__ Apply for schools
__ Review financial aid deadlines
__ Apply for financial aid
__ Apply for private scholarships and grants
__ Weigh alternative borrowing sources such as
home equity loans
__ Ask employer for education assistance
__ Ask grandparents for help
__ Weigh financial aid offers
__ Choose a school
When your child enters
college...
__ Make use of
education tax breaks
__ Savings should be conservative
__ Consider transferring investments to child's
name to save taxes
__ Prepare a realistic school budget
__ Minimize student credit card use
__ Have student work
__ Reevaluate total costs
__ Increase cash flow available for school
__ Keep saving for retirement
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