As a parent, you want to give your child every opportunity to build a strong future. For many families, that future includes college, trade school, or another form of post-secondary education.
But college planning today requires more than choosing a school. Families also need to think about admissions, financial aid, scholarships, student loans, career goals, and how education costs fit into the broader household financial plan.
College costs vary widely by state, school type, and living arrangement. The College Board reports that 2025–26 published in-state tuition and fees at public four-year colleges range from $6,360 in Florida to $18,090 in Vermont, while private nonprofit colleges often cost significantly more. Student debt also remains a concern. EducationData.org reports that students who borrowed for a bachelor’s degree in 2025 took out an average of $35,639 in education loans.
At True North Wealth Management, we believe college planning should start early, stay realistic, and connect education decisions with the family’s long-term financial goals.
College Planning Starts Before Senior Year
Many families wait until junior or senior year to begin thinking seriously about college. By then, important decisions may already be underway.
The best college planning strategy starts earlier. High school gives students time to build academic habits, explore interests, develop leadership experience, understand career paths, and prepare financially.
Parents can help by creating structure without turning the process into constant pressure.
The goal is not to chase prestige at any cost. The goal is to help your child find a path that fits their strengths, goals, and financial reality.
Freshman Year: Build the Foundation
Freshman year sets the tone for high school.
Before the school year begins, it may help to talk with your child about possible college, career, or training paths. The list does not need to be final. At this stage, flexibility matters. A student’s interests, goals, and confidence may change significantly between ninth grade and graduation.
Encourage your child to choose appropriately challenging classes. Colleges often look for students who take learning seriously, but balance matters. A demanding course schedule should still allow your child to maintain strong grades, sleep, activities, and emotional well-being.
Freshman year priorities may include:
Building strong study habits
Meeting with a guidance counselor
Exploring possible careers or majors
Choosing classes thoughtfully
Tracking grades from the beginning
Getting involved in school or community activities
Beginning conversations about college costs
Parents can also use this year to review college savings, 529 plans, cash flow, and education funding expectations.
Sophomore Year: Explore Interests and Opportunities
Sophomore year is a good time for students to explore what interests them.
This may include clubs, athletics, music, volunteering, part-time work, church involvement, internships, job shadowing, or community service. Colleges often value students who show commitment, curiosity, and growth over time.
Some students may also have the opportunity to take a practice SAT or other standardized test. Even if test scores are not yet needed, practice can help students understand the format and identify areas for improvement.
Sophomore year priorities may include:
Taking a practice SAT or ACT if available
Exploring extracurricular activities
Building relationships with teachers and mentors
Considering summer work, volunteering, or enrichment programs
Researching college costs and financial aid basics
Visiting nearby campuses casually, if possible
This is also a good year for families to discuss affordability. A student should understand that college choice is not only about acceptance; it is also about cost, debt, and long-term value.
Junior Year: Testing, Leadership, and Financial Aid Awareness
Junior year is often the most important year for college preparation.
In October, many juniors take the PSAT/NMSQT. This test can provide practice for the SAT and may connect some students with scholarship opportunities, including National Merit Scholarship consideration. The National Merit Scholarship Corporation explains that students usually enter the program by taking the PSAT/NMSQT and meeting published program requirements.
Junior year is also a good time for students to take on leadership roles. Leadership does not always mean becoming class president or team captain. It may mean organizing a service project, mentoring younger students, managing communications for a club, helping with fundraising, or taking responsibility within a job or volunteer role.
Junior year priorities may include:
Taking the PSAT/NMSQT
Preparing for the SAT or ACT if required or helpful
Building a preliminary college list
Visiting campuses in person or virtually
Taking leadership in an activity
Researching scholarships
Understanding FAFSA basics
Reviewing family college funding options
Discussing realistic borrowing limits
Students may take the SAT or ACT in the spring of junior year. An earlier test date can leave time to retest if needed.
Senior Year: Applications, FAFSA, Scholarships, and Decisions
Senior year brings the process into focus.
Once your child narrows the college list, track every deadline carefully. Application deadlines, scholarship deadlines, housing deadlines, financial aid deadlines, and enrollment deposits may all differ by school.
Students should also complete the Free Application for Federal Student Aid, or FAFSA, if they want to be considered for federal student aid. The FAFSA can also affect eligibility for state, institutional, and scholarship aid. USA.gov notes that the FAFSA is the application students use to apply for federal student aid, and deadlines vary by school year and state.
Senior year priorities may include:
Finalizing the college list
Submitting applications on time
Requesting recommendation letters early
Completing the FAFSA
Applying for scholarships
Comparing financial aid offers
Understanding student loan terms
Reviewing housing and meal plan costs
Discussing budgeting and money management
Preparing emotionally for life after high school
Families should compare net cost, not just published tuition. A school with a higher sticker price may offer more aid, while a lower-cost school may offer less. The real question is what the family will actually pay and how that cost will be covered.
Talk About Student Loans Before Borrowing
Student loans can help some students access education, but borrowing should be intentional.
Before signing loan documents, families should discuss:
How much debt is reasonable
Who will repay the loans
Expected starting salary after graduation
Whether the degree path supports the cost
Federal versus private loan options
Interest rates and repayment terms
Parent PLUS loan risks
How borrowing may affect future goals
Bankrate’s analysis of NACE data projected the average starting salary for the bachelor’s degree class of 2025 at $68,680, but salaries vary widely by major, region, industry, and job market conditions. A student planning for a lower-paying field may need a different borrowing strategy than a student entering a higher-paying profession.
Prepare Your Child for Financial Independence
College planning should include more than admissions and financial aid.
Before your child leaves home, talk about basic money skills:
How to use a checking account
How to budget monthly spending
How credit cards work
Why minimum payments can be costly
How to avoid overdrafts
How student loan interest works
How to spot scams
How to track subscriptions
How to balance work and school
This conversation can help your child avoid financial mistakes during the first year away from home.
Keep College Planning Connected to Your Financial Plan
Parents naturally want to help their children. But college funding should not come at the cost of retirement security.
Students have multiple ways to pay for education, including savings, scholarships, grants, work, loans, and lower-cost school choices. Parents do not have the same range of options for funding retirement.
A strong college funding plan should consider:
529 plan savings
Cash flow
Financial aid eligibility
Scholarship strategy
Tax credits
Student loans
Parent loans
Retirement contributions
Emergency savings
Other children’s education needs
Long-term family goals
At True North Wealth Management, we help families evaluate college funding decisions alongside retirement planning, tax-aware strategies, investment management, and estate planning.
Make College a Thoughtful Investment
College can be an important step toward adulthood, career opportunity, and personal growth. But it is also one of the largest financial decisions many families make.
Starting early can help your child build strong academic habits, explore meaningful opportunities, apply with confidence, and choose a school that fits both their goals and the family’s financial reality.
If your family is preparing for college, schedule a conversation with True North Wealth Management.
A thoughtful review can help you understand college funding options, avoid unnecessary debt, and build a plan that supports your child’s future without sacrificing your own.
Important Disclosures:
This material is for informational purposes only and is not intended as tax, legal, education, financial aid, or individualized investment advice. College costs, financial aid rules, tax benefits, scholarship availability, and student loan terms may change. Please consult qualified tax, legal, financial aid, and financial planning professionals regarding your individual situation.
1. EducationData.org, January 15, 2025
2. BankRate.com, May 17, 2024
3. PrincetonReview.com, 2025
4. EducationData.org, November 3, 2024
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite and customized by True North Wealth Management LLC to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.