A Parent’s Biggest Financial Concern About their Children

The Challenge of Funding their Children’s Education

College planning is fraught with pitfalls and problems that can exasperate any parent or student preparing for college. Often there’s little to no preparation for it until just before freshman year. If college is so important to parents then why do they procrastinate planning for it and exploring the funding options? Watch the interview with college planning expert John McDonough.

Parents are experiencing some serious fear in applying for college entry and financial assistance for their children. It may very well be warranted. Often parents make decisions without the assistance of a financial adviser who specializes in college planning. They’re afraid of making mistakes because they don’t have the time to properly investigate all the funding options available or set up a plan with goals in mind. They feel like they may do something to hurt their child’s chances for college admission or not maximize the financial aid available.  Sometimes it’s as simple as missing deadlines.

Selecting a major can be a life-impacting decision. There are tests available to help the potential student select a major that best suits them. Keep in mind, however, that this type of testing is an indicator and will not necessarily predict whether or not your child has the skills necessary to perform a particular type of job or complete a particular academic course of study.  Let a trained professional discuss the results of these tests with your student and make suggestions for potential colleges and majors that correlate with your student’s personality.

But more importantly, a major should really satisfy your child’s interests while translating into future earning power. The major your child chooses will affect their college success and happiness, as well as their future career. Another aspect of college life is whom your child associates with during and after graduation, and how they see themselves and the world around them. Many students change their majors  halfway through college, which can cost extra money and delay graduation. It’s best to thoroughly investigate the pros and cons of any major you are reviewing. It’s your life. It’s your time. It’s your money.

^{John McDonough has contributed to this press release. Segments in part or whole are from his publications.}