If you’re the parent of a sophomore or junior in high school, you know the trek down the road of financial planning for your child’s college career has already begun. Getting into college in the U.S. is more competitive than ever, whether you’re looking at Ivy League schools or top state universities. With that, the cost of tuition, residence and books are also rising, making financial aid a crucial step for many families.

Remember to let your teen do their own homework and exploring with financial aid, but be ready to approve and sign off on applications. It’s always best to get the ball rolling early to ensure your teen has their ducks in a row before they head off on their own.

Financial Aid Tips for Parents

Like students, parents should begin the financial planning for college as far ahead as possible, even if the bulk of tuition will come from financial aid. Explore FAFSA, scholarships and loans with your child and always have a clear idea of your bottom line, when it comes to savings and family contribution.

Financial Aid Tips for Students

You’ve cared for your child for 18 years. The time has come for them to get their own hands dirty and get to work finding financial aid that will work for their college lifestyle. Of course, the less they have to pay back, the better, so be sure to thoroughly explain this to your teen as they seek out financial aid tips.

Financial Aid FAQs, Tips and Forums

Many financial aid applications have a slue of specific questions that can lead to confusion. Check financial aid forums for basic FAQs, as well as individual situations that may help you fill out your own paperwork with ease. If it’s your first time visiting a message board, don’t be afraid to ask questions, visit daily and make friends with folks who can help you with any hiccups you run into with financial aid.

Preparing for college and sharing the experience of financial planning with your child will be a great lesson in both responsibility and smart spending as they begin to (somewhat) fend for themselves. Remember to let your college-bound student ultimately make their own decisions, but do not be afraid to guide them along the way.