From One Parent to Another: Navigating Your Child’s College Journey

This is a paid post in partnership with Navy Federal Credit Union.

Sending a child to college is both exhilarating and challenging. As a parent who navigated this significant milestone with 3 children (and another one soon to follow), I've learned a lot and picked up numerous tips and tricks along the way to make the experience more manageable and less stressful.

Our Family's College Journey

From the very beginning of our journey into parenthood, we knew that planning for our children’s education would be essential. We started early, investing in savings plans like 529s and Education Savings Accounts to secure a foundation for our children's futures with tax-advantaged plans.

Life’s unpredictability meant that our well-laid plans needed frequent adjustments. When I transitioned to being a stay-at-home mom, and later decided to pursue a doctorate amidst a financial downturn, our family had to navigate these financial shifts carefully. Managing investments and reassessing financial strategies were crucial during this time to meet our changing needs.

As our children grew older and the college application process began, understanding the intricacies of financial aid became paramount. We delved into resources that explained the Free Application for Federal Student Aid (FAFSA) and how to negotiate financial aid packages effectively.

While we fortunately avoided student loans for our children’s education, I used them for my doctoral studies. Learning about different loan options, including private student loans, and the potential for refinancing after graduation, helped us manage these debts wisely. Navy Federal’s expertise in student loans and their refinancing options can similarly benefit those looking into educational financing.

Throughout all these stages, the importance of having reliable, expert advice was clear. Navy Federal can guide families through similar challenges—ensuring you have the support you need to make informed decisions about college financing.

Practical Advice for College Planning Based on Our Lessons Learned

1. Create a Savings Strategy Early 

Start by opening a college savings account as soon as possible. Whether it's a 529 plan, an Education Savings Account or another type of account, the key is to begin saving early to take advantage of compound interest and tax benefits. Review these plans annually to adjust contributions based on your financial situation and market performance.

2. Understand All Financing Options

Familiarize yourself with all available financial aid, scholarships and loan options. Learn about the FAFSA, scholarships and grants. Remember—the goal is to maximize free money and minimize debt.

3. Prepare for the Unexpected

As we learned from our own experience, financial situations can change unexpectedly. It’s important to have contingency plans in place. This might mean having an emergency fund or flexible investment options that can be redirected in a pinch.

4. Educate Your Children About Finances

Involve your children in the financial aspects of college planning. Teach them about budgeting, the importance of credit and the implications of student loans. This education can empower them to make informed decisions and contribute to their own education funding through part-time jobs or scholarships.

5. Make Use of Technology

Leverage technology to keep track of deadlines, applications and financial aid documents. Tools and apps can help manage tasks and reminders, ensuring nothing falls through the cracks during the busy application season.

6. Seek Professional Advice

Consult with a financial advisor to tailor your college savings and investment strategies to your personal circumstances. Advisors can provide insights and strategies that you might not have considered, which can optimize your savings and help you navigate complex financial decisions.

7. Tour Colleges Wisely

When visiting colleges, plan efficiently to save time and money. Group visits to nearby schools and take virtual tours where available. This can help narrow down choices without incurring significant travel expenses.

8. Stay Organized and Informed

Keep all your college planning information in one place. This could be a digital folder or a physical binder. Regularly update it with new information, notes from college visits and correspondence with schools. Staying organized will ease stress and make the application process more manageable.

Roundup of Resources

To help streamline this process, here are some invaluable resources that can provide guidance and support:

Financial Planning Tools:

• College Savings Calculators: Use tools like Navy Federal’s College Cost Calculator to estimate future college costs and savings needs. These calculators can help you set realistic savings goals.
• Budgeting Apps: Apps like Mint or You Need a Budget (YNAB) can help manage day-to-day expenses and save for college.
• Scholarship Search Engines: Lendkey, Fastweb and Scholarships.com offer extensive databases of scholarships that can help offset college costs.

Educational Guides:

• U.S. Department of Education: Visit their website for official guidelines and helpful tips on college education and financial aid.
• FAFSA Guide: Understanding the FAFSA and the process for applying for federal student aid is crucial.
• Financial Aid Negotiation: Learn how to negotiate financial aid packages to get the best possible offer.

College Preparation Checklists:

• College Application Checklists: Stay organized with a comprehensive checklist that covers all aspects of the college application process, from essays to submission deadlines.
• College Visit Checklists: Make the most of your college visits by knowing what questions to ask, which departments to explore and what criteria to evaluate.
• College Admission Resume: My detailed guide on how to craft a compelling college admission resume is essential for helping students stand out in the application process. It offers step-by-step instructions and tips to showcase their achievements effectively.
• College Websites: Each college’s official website provides specific information about their application process, financial aid, scholarships and student life.

Support Networks:

• Parent Forums and Groups: Engage with communities of other parents going through the same process. Websites like College Confidential provide a platform for sharing experiences and advice.
• Educational Consultants: If you need more personalized guidance, consider hiring an educational consultant who specializes in college admissions and financial planning.

Remember—you're not alone. I encourage all parents and students to start conversations early, explore every option and take full advantage of available resources. College is a significant milestone, and with the right preparation, it can be one of the most rewarding investments in your child’s future.

Bio: Corinne Schmitt is a Marine Veteran Spouse, mom of five and blogger behind WondermomWannabe.com. She has a deep-rooted passion for helping her fellow moms navigate the triumphs and challenges of family life with ease and joy.