If your child is entering their junior year of high school this fall, congratulations. Both you and they have reached an important and exciting milestone.
This is the year when post-secondary pursuits will likely start to feel more “real” — and a growing sense of what’s next may start preoccupying minds. As such, junior year is the perfect time for you, as a parent, to take a few smart steps that can help you feel more financially and emotionally prepared for what’s around the corner.
6 practical ways for you and your rising junior to make the most of the year ahead:
- Revisit your 529 college savings plan
Whether you’re fairly new to the savings process or have been saving for years, now’s a great time to carefully review your 529 plan account. Depending on your savings goals, risk tolerance, and other factors unique to your situation, now is also an appropriate time to make any adjustments to your investment choices and contribution amounts that may be needed. To the extent you’re feeling behind, now’s also the time to make a concerted effort to avoid unnecessary purchases, cut down on monthly expenses that are non-essential, and perhaps, even consider downsizing a bit to save more. Even two years of reduced spending and focusing more on saving can make quite a difference. And you can continue with this approach while your child pursues their degree as well. - Begin campus visits
Junior year is a fitting time for your child to do some soul searching and to start or continue developing a list of colleges, universities, or trade schools that interest them most. It’s also a fitting time, to the extent possible, to begin campus visits — before application deadlines and senior-year stress hit. Colleges often track “demonstrated interest,” and showing up, attending an info session, sitting in on a class, if possible, asking thoughtful questions, and having your child develop a relationship with an admissions officer can strengthen your child’s application when the time comes to submit it. - Encourage your child to go all in on activities that matter
Colleges are less interested in long lists of random activities and more impressed by depth and commitment to what interests a candidate most. Junior year is the ideal time to double down on what your child truly enjoys and excels at— whether it’s robotics, music, drama, sports, volunteering, or growing a small business. Demonstrating leadership, initiative, innovation, and passion goes a long way when schools are evaluating one candidate versus another. - Have the college cost conversation
Even though you’ve got more time on your hands to save, this is an appropriate year to talk about finances as a family if you haven’t already. Be honest about what you feel you’ll be able to contribute, how financial aid will need to play a role, and/or whether loans may be needed based on the net costs of desired schools. Talk about the importance of finding a good financial fit. Having this conversation ahead of senior year will help guide the search process this year and manage expectations next year when decisions are made about which schools to apply to and ultimately, which school to attend. - Explore employer education benefits
A growing number of employers are offering 529 plan benefits and/or scholarships for employees’ children. Ask your Human Resources or Benefits departments what options may be in place. If nothing is currently available, be sure to mention what a meaningful impact scholarship benefits and/or employer 529 contributions would have for employees sending a child to college. With time on your side – a full two years before needing funds for your own child’s use — you’ll be giving your HR/Benefits team plenty of time to explore options. - Invite loved ones to contribute
In addition to getting clear on whether one or more significant individuals in your child’s life (such as a non-custodial parent and/or a grandparent) may be planning to help with college expenses and to what extent, keep in mind that other family members and close friends may want to help in some way — if they only knew how. Many 529 plans offer gifting tools that make it easy to contribute for birthdays, holidays, or special milestones, and there are even gift cards that can be purchased in denominations of $25-$200 and given as a gift to be redeemed into your child’s college savings account. Every bit counts. You may even be surprised to learn one or more loved ones may have already set up an account of their own for your child or were wanting to lend a hand in some way.
Conclusion: Junior year offers the perfect runway to build confidence and momentum for what lies ahead. Even small steps taken in this pivotal year can make a big difference in the years to come.
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