Plan to pay for college

Everyday Stewardship |

Start setting money aside as early as you can

What are your thoughts on saving for college? Will you pay your children’s college expenses? Will your kids pay them? Will you split the costs?

The earlier you start preparing, the better. Roth IRAs, 529 savings plans and Coverdell education savings accounts offer certain tax advantages. The money is not in your children’s names, which helps later when they apply for financial aid.

It’s a good idea to automatically set aside an amount for education every month or every paycheck. See for a calculator that can help.

Encourage your children to pitch in, if possible, by working during their high school years, over summer breaks and while in college. Talk with them about options such as earning college credits while they’re still in high school, which can reduce their time in college.

Should they consider taking courses at a community college and transferring later? Is there a less expensive institution where they could earn a degree that helps them succeed in their chosen career?

Talk with your future graduates about the costs of education, how loans work and what their payments may look like if they need to borrow money.

And finally, be a cheerleader! Encourage your kids to do well in school, take the SAT or ACT more than once to get the highest scores they can achieve, and apply for multiple scholarships.

No matter which route your children take after graduation day, the financial equation comes down to making and implementing a plan. Financial planning resources may help you guide your children toward a successful journey.


Shari Beck
Financial Advisor

Find out what's possible

Everence has resources on our website, including videos produced by and featuring college students, to help people consider ways to pay for college. Visit for information.

Everence also provides 42 scholarships each school year. Visit for more information.

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Securities offered through ProEquities Inc., a registered broker-dealer, member FINRA and SIPC. Advisory Services offered through Everence Trust Company, a Registered Investment Advisor. Everence entities are independent from ProEquities Inc.