by Lori Kaye

Created on: August 10, 2009

As a parent, you're concerned about your child's future. You want him, or her, to have as good a life as yours, if not better. To that end, you expect your child to go to college and get a degree. But, how will you pay for that education? As you begin planning, you should be aware of these common college planning mistakes.

1) Perhaps the most common mistake parents make is not beginning their plans early enough. While your children are young it's easy to think that college is so far away you don't yet need to consider it. You're in good company; most parents don't start saving soon enough. Every year you delay is a year of lost earnings.

2) Its a mistake to believe that once your child has reached high school it's too late to save. "Late-stage College funding planning" can help lower college expenses. Learn as much as you can about the college funding process and develop a plan that includes college admissions, your cash flow, financial aid, and taxes.

3) Don't wait until the first bill comes before you try to figure out how to pay for college. You might begin gathering information from friends and family, and from the internet and books. But don't compound this mistake by stopping at these sources. You may need to turn to a college funding professional for help.

4) Some parents rely too much on information provided by their child's high school counselor. They are a good resource, but they are responsible for many other students. The counselor may point you toward scholarships, and help you understand government sources of financial aid.

5) Don't assume that government financial aid will pay for your child's education. You should have your child complete the FAFSA (Free Application for Federal Student Aid). Your child can't receive Federal aid without completing this form.

With a combination of grants, loans, and work-study, government aid can go a long way toward paying for college. There are income limits; however, so many middle-class families don't qualify.

6) Some parents assume their child won't qualify for Federal aid because the family has too much income. It is a mistake to make this assumption. Regardless of your income, your child should fill out the FAFSA. Even if your child doesn't qualify, many schools and states use the FAFSA to give out their own aid, and even scholarships.

Whatever your child's age, unless he, or she, has already begun college, it isn't too late to begin planning. By avoiding these six mistakes, and educating yourself, you can prepare for your children's future education.

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