Summer is an unusual time to talk about money for college. Most parents and students are thinking
about how much fun they are having at their family reunion, Disney World or Ocean City. While life
is going on college budget managers are thinking about how many students will enroll and how much
more they will raise tuition during 2008. There are some parents who have a formula for success.
They save 12 months out of the year and saving summer money is an important part of their
plan. Every check has an automatic deduction that goes right into a college fund. That's right
their summer fun money is separate from their college savings money.
My fifteen year old son is constant reminder that college tuition is not far away. Stephen went
from a playful five year old to a high school honor roll student overnight. The critical issue for
each parent is deciding how to use each year as leverage against the rising cost of college. How do
you save when it seems that it will take every thing you have to live your daily life? Saving
summer money: Look for small and large opportunities to put money into your savings account. For
example, drink one less cup of coffee each week or when your car is paid off divert money into your
college savings account. Putting away $25-$50 each check may sound like a small amount of money but
it adds up over time. You can also invest in your states 529 plan. This plan will allow you to save
for college expenses at today's rates. Call local college's financial aid office to find out more
about the 529 plan.
Call your bank or credit union to see how you can get started. Most banks offer options that the
money can come directly out of your checking account as often as you tell them. You can easily keep
track of the growth of your account. Avoid the temptation to use the account for emergencies by
setting up a separate emergency fund.
If you are the parent of a 12th grade student it's time to get ready for senior year by submitting
scholarship applications over the summer. Don't allow yourself to get behind. It's easy to miss out
on a scholarship because your application was not submitted on time. Use the summer to get ahead of
the game. Ask your son/daughter to write several scholarship letters.
Some of the questions to expect.
How will you use our scholarship to complete your undergraduate degree?
Why do you deserve this scholarship?
How will you make a difference in the world after receiving your degree?
Remember grammar and spelling count, if a student wants to have their scholarship application
considered.
Summer is the right time to think about saving for college. Every year the cost of college tuition
continues to rise. The trend is that many students are also considering community college as a way
to save money on tuition expenses. After two years they transfer to a four year college and
complete their bachelor's degree. The savings could be substantial and you are reducing the amount
of loans you pay for tuition and other expenses.
Investing in your education is one of the best decisions a parent and student can make. Open up an
account so that you son/daughter can also save for college. Position yourself to reap the financial
rewards of saving money and securing several scholarships. You will not regret your investment of
time and you can still have fun in the sun.
Stephen Jones Sr
For twenty years, Dr. Jones has delivered presentations on numerous topics including how to study,
leadership, effective communication, and innovative management practices. Working with students has
enabled Dr. Jones to have a complete understanding of the challenges their
facing.
