You must be so proud - your child is preparing for college. Your concerns for funding this experience is common. Don't panic. By making wise financial moves over the next four years, you may be able to get to graduation day without a mountain of debt.

What To Consider

Tuition Assistance

Your child may qualify for scholarships, grants or student loans. If his or her college has an ROTC program, it can be another way to help cover tuition costs. Also encourage your child to explore their college's work/study programs. Keep in mind that students are required to meet filing deadlines for financial aid. You can learn more about the step-by-step process of applying for aid at your child's college by contacting the school Financial Aid Office.

Even with the above options the only way to guarantee a child will be able to meet their college expenses is by having a solid financial plan and investment program. Following are some some of the most common questions:

• What expenses do I face prior to attending college?
• Should I live on campus, off campus or at home?
• How much should I budget for college living expenses?
• Is a meal plan a good deal?

Insurance concerns

This is a critical moment in your family's financial life. Would your child be able to afford to finish college if you or your spouse passed away? Now may be a good time to review your life insurance coverage and also your child's student health insurance. You may find there are gaps that require you to take out supplemental insurance. You will also want to consider what kind of insurance endorsements you'll need if your child takes a car to college.

How Harborstone can help

The responsibility of paying for your child's college education can feel overwhelming. We can help. A Harborstone Financial Advisor can help you though many of the issues you may face while funding a child's education.

Life Insurance is a way to guarantee enough money for college in the event of the untimely passing of you or your spouse. In addition to reviewing life insurance options with you, your Harborstone Financial Advisor can help you review your existing insurance coverage and make sure you and your child are protected during the college years.

Unlike some other financial organizations, we aren't focused on selling you particular products, but helping you meet your important financial goals and challenges, like funding your child's education. Before you know it will be graduation day and we can help you get there. To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.

Next — Losing A Loved One