Title: College-bound?
Subtitle: A checklist to prepare students and parents
Introduction:
The last two years of high school are particularly important for students and their parents when preparing for college. This checklist, developed by Franklin Templeton, will help you stay on track.
Section: Tips for junior year
For students:
- Prepare for standardized tests by taking a test prep course or hiring a tutor.
- Start compiling a target list of schools.
- Meet with teachers, coaches and mentors to request letters of recommendation.
For parents:
- Determine the Student Aid Index (SAI) for federal financial aid, which determines aid awards. Visit www.studentaid.gov for an estimate.
- Review 529 account ownership and investments with trusted advisor to determine if any changes are necessary.
- Research whether targeted colleges require the College Scholarship Service (CSS) Profile application, which may require additional information.
Section: Tips for senior year
For students:
- Complete applications and be aware of early decision/early action and regular decision dates.
- Research and apply for any applicable scholarships.
- Establish a presence on LinkedIn and review all social media accounts to ensure content won't jeopardize an admissions decision.
For parents:
- Identify which savings accounts to use first for expenses, based on investment, tax or financial aid considerations.
- Complete the FAFSA form as soon as possible (available December 1) since an earlier submission may improve the chances of receiving aid.
- Ask your student to complete a health care proxy upon turning 18 and before going to college.
Closing statement:
From savings vehicles to tax-efficiency strategies, an advisor can guide you through the financial considerations of college. Include them in your planning conversations early on and send your student off to college with confidence.
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Source: Franklin Templeton. Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.
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