Outside the Box: Are you ready to send your child to college? Answer these 10 questions

Do you have college-bound kids? Make sure you and your children are on the right track financially—with these 10 questions:

1. Can you afford to help your kids with college costs? It’s important to talk to your teenagers early on about how much financial assistance you can offer—and that’s doubly true if they’ll need to shoulder much or all of the cost.

2. Will your family receive needs-based financial aid? Use the EFC calculator at CollegeBoard.org to figure out how much aid you might get. EFC is an abbreviation for expected family contribution.

3. Are you funding a 529 college savings plan? This is the best savings option for college savers, thanks to the plans’ tax-free growth and limited impact on aid eligibility.

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