College is getting more expensive every year, and many parents wish to help their children pay for at least a little of their schooling. When you’re divorced it might seem particularly challenging to make such an investment happen, but there are still ways you can plan ahead for college costs.
Here are a few tips.
- Start early: The sooner you start the conversation with the other parent, the easier it will be to engage in a long-term, well-planned approach to investing for your children’s education.
- Keep up to date with FAFSA rules and changes: Beginning this year, the parent that provides more financial support is the one who must fill out the FAFSA, and thus will be the one whose financial situation determines eligibility for financial aid. But this could always change, and it’s important to stay abreast of these changes as it could affect the way you and the other parent strategize your savings.
- Work with a financial planner: A professional can help you determine the best savings vehicles and strategies to use for your situation. They will also be able to stay on top of all the FAFSA changes and how financial aid formulas could affect your overall savings strategy.
- Think about borrowing: What student loan options exist, and how can you reduce or minimize the amount of interest to the loan? Plan in advance as much as possible and shop around for the best options.
For more information about planning for your children’s college costs as a divorced parent, contact an experienced Minnesota lawyer at Appelhof, Pfeifer & Hart, P.A.