Preparing for College the Smart Way
/College planning can feel overwhelming for families, especially with the high cost of education and the complexity of today’s admissions process. If you have children or grandchildren in high school, now is the time to help them prepare, not just academically but legally and financially as well.
Many families are surprised to learn that once a child turns 18, parents no longer have automatic access to medical or financial records. In an emergency, this could delay critical decisions. Documents like a healthcare directive, HIPAA release, and durable power of attorney can help ensure parents can still step in when needed.
It is also important to review insurance coverages. Whether a student will be close to home or heading out of state, make sure health, auto, and personal property coverage are still sufficient. Gaps in coverage can lead to unexpected and costly situations.
Equally important is setting a foundation for financial responsibility. College may be the first time a young adult manages a budget, pays bills, or uses credit. Conversations about spending expectations, saving, and responsible credit use now can prevent stress and missteps later. Beyond the basics, many families face bigger questions: How do we afford college? Which schools offer real value? What steps can we take to minimize debt? These are all part of a smarter college search, one that balances academic fit, personal goals, and financial outcomes.
We are hosting an event this fall focused on helping families navigate the college process more confidently. If your children or grandchildren are starting to think about college, this is the perfect opportunity to point them in the right direction. Sometimes, the most helpful thing you can do is simply share the right information at the right time.
- Kyle McCune, CFP®, Worley Erhart-Graves Financial Advisors
