Sending Your Child to College? Three Financial Preparations

With big changes ahead, parents should ensure that they can help their kids and access important information if necessary.

A college-bound girl gets a hug from her mother while loading the car to go to college.
(Image credit: Getty Images)

Sending a child off to college is a milestone that most parents might feel mixed emotions about, including excitement for their future and anxiety over the unknown. Amid the many considerations that arise during this time, financial preparations can often be overlooked. Nevertheless, these are necessary to ensure that students can manage their expenses, prevent excessive debt and have a successful college experience.

1. Preparing the document every 18-year-old should have.

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Kelley Wolfington, CTFA
Senior Wealth Strategist, SEI

Kelley provides tax, estate, philanthropy and succession planning advice to ultra-high-net-worth and high-net-worth clients. Throughout her career of over 20 years in wealth management, Kelley has solely worked with high- and ultra-high-net-worth families, individuals and organizations. Immediately prior to joining SEI, she was a relationship strategist at Hawthorn, PNC Family Wealth, where she led client management activities.