What Is a College Plan?
A college plan helps the students and families save and budget for higher education so they can be less reliant on student loans. Other than saving money, it will help the parents to actively participate with their child's educational plan by discussing the importance of higher education, their child's degree plan, university plans, boarding school plans, and achievements that their child must attain for admission purposes. Students can also create personal preparedness plans or a college planning checklist for him or her to stay on track toward his or her college goals.
As based on the U.S Securities and Exchange Commission's article, "529 Plan" or qualified tuition plans is a tax-advantaged savings plan that is mainly designed to encourage saving for future education costs. College 529 plan is sponsored by states, state agencies, or educational institutions and is authorized by Section 529 of the Internal Revenue Code. In addition to the facts, children who know that they have college savings accounts are 6x more likely to attend college.
How to Create a College Plan
It is important for both students and parents to make a college planner for them to be prepared as they set foot into the university gates. Here are some of the following tips on how to create a college plan.
1. Create A College List
When the student is still in secondary school, he or she must have a list of colleges when the last high school year is about to end. The college list should include some well-researched universities that the student wants to apply to as well as their following packages.
2. Research Deadlines, Applications, and Costs of Certain Colleges
This step will help the student and the parents get organized. All of the colleges have different requirements, deadlines, costs, and more. By using any convenient tools like a computer or mobile application, list the following college processes to keep track of everything. These college processes include college deadlines, application requirements, letters of recommendation, testing requirements, core coursework prereqs, and costs.
3. Create Timetables to be Guided
Once the research on the following colleges has completed, the next thing to do is to create a detailed timetable. Prepare a timetable to avoid risking on due dates and to accomplish requested transcripts, letters of recommendation, complete applications, creating productive essays, compiling awards and achievements, and other official documents. The student must have plenty of time to get ready and with the help of the timetable, it will be easy to keep track of the progress.
4. Apply to Any Financial Aids
Parents may or may not have the money and college is not the only responsibility that they should be worried about paying. It is also important for the student to be applied to any financial aids to have some financial assistance. Parents may use the 529 plan account for the student's following college expenses. There are also some other financial aids like scholarships, grants, loans, and work-study.
5. Apply for College Admissions
Now that the plan is organized, the Sample checklist and timetable are done, and the student is ready, it is now time to apply and submit the applications well in advance of the university's due dates.