Stay on track for financial and practical matters related to college enrollment
Getting ready for college can be a challenging process for parents and students. With so many things to consider as your child approaches college age, this year-by-year guide keeps you on track for both financial and practical matters related to college enrollment.
The four-year action plan
For students, planning for college is an exciting time to think about the future. It also involves many important actions and deadlines that need to be met during high school. Staying organized will be key to take advantage of opportunities as you prepare for college. For parents, the window to save may have narrowed, but there is still time to optimize financial decisions.
It is important for families to consider potential tax advantages and liabilities. Assets outside of college savings accounts may add to the complexity. Parents must be mindful of account ownership and income that can affect their child’s eligibility for financial aid. Having a plan to make withdrawals for college expenses is as important as planning to save. Read Putnam’s investor education piece, "Strategies to make the most of college savings," to consider guidance on saving as well as selecting accounts to draw on when the first tuition bill arrives. At all stages of planning for college, it is important to meet with a financial professional.