Financing college is a huge underlying money issue for farm families. The Free Application for Federal Student Aid (a form that most colleges use to help determine student financial aid levels) asks for the value of what the student (and the parent or guardian) owns vs. what the student (and you) owe. It also asks for the incomes of all responsible parties.

Does it make financial sense to make her part of your farm business when the colleges will look at that as an asset that can help pay for the college tuition? That alone may be worth seeking the advice of a financial adviser or college financial planner who can tell you what portions of the student’s equity become available for the college to assess.

Some things, such as the student bank account, are assessed at nearly 100%. Others, such as IRAs or car values, are assessed at much lower levels.

I’m a professor and ag consultant, not a college financial adviser. However, I do have past experience (three times). The amount the parent owns has somewhat of a lessor impact on what the student owes in college than what the student owns. What the student owns is “taxed” at the highest level.

Start your financial planning for college in the fall of the junior year in high school, not the senior year.

By November of the senior year, the student has already earned most of the money for the year. His or her bank accounts have been set. And the financial data that FAFSA requires has already been in place for 11 months.

So start thinking about those college costs early on. College financial planners, and those who have struggled to pay those large college bills, have lots of experience. Draw upon their expertise and experience.

Rogers is a University of Vermont Extension professor emeritus and ag consultant.