All posts by Suzanne Shaffer

scholarships

Varsity Tutors Announces $1000 Monthly Scholarship

Students Can Enter Every Month for a Chance to Win $1,000 Toward College

scholarshipSt. Louis, Mo. (March 26, 2013) – In its continued effort to help students achieve academic excellence, Varsity Tutors, a premier one-on-one academic tutoring and test prep provider, announced today that it has launched a monthly college scholarship contest. The merit-based scholarship program, open to U.S. residents ages 16 and older, provides students with the opportunity to win $1,000 toward their college tuition.

“At Varsity Tutors, we believe it is imperative that students have what they need in order to successfully achieve their academic goals,” said Chuck Cohn, founder and CEO of Varsity Tutors. “We recognize that in addition to academic support, students sometimes also need help funding their studies, so I’m incredibly proud to announce that each month we plan to award a $1,000 college scholarship to a deserving student.”

To enter, students must submit an essay during the submission period. Essay themes center on academic-based topics and encourage students to reflect on their aspirations and plans for their education and beyond. Two scholarships have been awarded since the program started in January 2013.

“Opportunities like the Varsity Tutors $1,000 Scholarship Contest are very rare and valuable,” said Taylor Hudgins, freshman at Meredith College and the January award recipient. “Winning this scholarship means a new world of opportunities, making unpaid internships and paying for books possible. Thanks to Varsity Tutors, I can look forward to next semester without financial worries.”

A monthly winner is determined through two rounds of review. Each month, the submission period opens on the 1st and ends on the 15th. Valid entries are then displayed on the Varsity Tutors website and put to an online public vote beginning on the 16th via social media shares. Once the voting period closes at the end of the month, a panel of judges reviews the five entries that received the most votes and then proceeds to select a winner. Entries are judged based on clarity of expression, creativity, originality of expression and sincerity.

The next submission period begins on April 1st. To learn more about the Varsity Tutors College Scholarship Contest and view the official rules, visit www.varsitytutors.com/college-scholarship.

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About Varsity Tutors

Varsity Tutors is a premier private academic tutoring and test prep provider designed to help students at all levels of education achieve academic excellence. Varsity Tutors delivers in-home, personalized, one-on-one instruction in any subject from STEM to the humanities, as well as customized preparation for all standardized exams including the ISEE, SSAT, SAT, ACT, and graduate exams such as the GRE, LSAT, MCAT and GMAT. Students from elementary to graduate school are expertly matched with an exceptional tutor who is best able to address their unique needs and goals. To ensure satisfaction and safety, only the highest caliber tutors are selected to join Varsity Tutors following a rigorous screening process. Varsity Tutors currently serves 19 cities nationwide and offers a variety of tutoring packages. Students and their families interested in learning more about Varsity Tutors should visit www.varsitytutors.com.

college planning, financial aid, organization, parenting

Basic accounting for your student

 

basic accountingMany students graduate high school and head off to college with no real experience with money. Sure, your child may have worked a part-time job to pay for the movies and to put gas in the car, but that doesn’t mean he has any understanding of accounting. Basic accounting for students is easy enough to master, as long as you take the time to sit down and truly understand the meaning. As a parent, it’s up to you to make sure this happens. You might not see the point, as most accounting details are automated these days. But perhaps your child plans on studying accounting as a major? Additionally, if your high school student has any plans to get involved in the world of business, accounting skills will always serve him well. Here are some of the basic accounting concepts for students.

Affirm the basic concepts

At its heart, accounting is all about tracking numbers. The concepts are big, but you’re basically monitoring how money and resources move from one place to another.

Start off by discussing some simple definitions. You can begin the process by discussing assets. Most parents know that an asset is anything that a company or an individual has at their disposal. This could be products, people or cash, but the value of a business (and an individual) usually boils down to the assets on the books. Then you have liabilities. A liability is anything that belongs to other parties. That could be a debt or it could mean a contract that hasn’t yet been fulfilled. College students will most often experience liabilities when it comes to credit cards. And the more liabilities on the books, the more difficult your financial situation. Finally, there’s equity. Equity could be a financial investment put towards goods or services, or it could be money paid towards a debt, such as when you repay a mortgage.

Good debt versus bad debt

There’s such a thing as good debt versus bad debt, and that’s a difficult concept for the beginning accounting student. For example, a student loan is looked at as good debt, because it is stable, usually has a low interest rate, and was accrued in order to better the student. A credit card issued by a retail store is bad debt, because it often comes with a high interest rate and will lower your credit score.

Moving on to the balance sheet

The balance sheet is quite similar to the budget your student should begin to use now that he’s joining the adult world. It tracks those three elements, the assets, equity and liability, to give you an overall snap shot from one moment in time. The first real lesson of accounting is to bring the balance sheet to a state of equality. That means in an ideal world the assets and equity would either equal or outweigh the liability. Otherwise you’re operating at a debt, and that’s bad news for all involved.

Ask a CPA and accounting firm how they handle balance sheets, and they’ll probably laugh. That’s a core of their business. Just because it’s a basic of accounting doesn’t mean you understand it and then move on. The opposite is actually true. Learning to trust the valuations determined by a balance sheet is crucial, to running a business or running your personal expenses.

You can easily explain basic accounting to your student

Don’t spend more money than you take in. Don’t borrow more money than you can afford to repay. Once they have these basic concepts down, they can carry them to college and use them the rest of their lives.Put in the work now to help your young student comprehend these basics, and they’ll be much better off in the long run.

 

college guidance, college planning, financial aid, parenting

Should you co-sign on a student loan?

 

student loans

As a parent, you probably want to do anything within your power to make your child’s dream of college come true. Hopefully you’ve saved up enough money to help them afford tuition, but that college fund may not stretch nearly as far as you once thought it would. Tuition rates continue to rise and finding grants and scholarships take some work on the part of your college-bound teen. For the vast majority of students and families, taking out loans is the only recourse. But some private loans will require you to co-sign on your child’s behalf. This complicates things, and could cause a host of problems. But, should you co-sign on a student loan?

It’s important to remember that any loan offered by the federal government will never require you to co-sign.

Those loans make up the bulk of the borrowed money for any student, and they come with low interest rates and controlled payback periods. In addition, some federal loans won’t accrue interest or require any payments to be made until after the student graduates. Federal subsidized Stafford loans do not charge interest until graduation. Unsubsidized Stafford loans begin charging interest on the day they are disbursed.

If you’re being asked to co-sign, that means it’s a private loan.

You must make sure that your child has looked for all government loans first before going this route.Repaying a private, co-signed loan is also far less flexible. You may have to start paying it off immediately, and the lenders don’t always offer the same deferment and forbearance options as the government. This makes it much harder to manage repayment, which also greatly increases the chance of a loan default. If your child does need some sort of deferment, they’ll often be charged a fee to do so. Overall, this option is far less favorable.

Co-signers are held responsible.

Keep in mind that as the co-signer you will be held responsible if your son or daughter fails to make payments. In fact, the lending institution will consider you 100% liable for this money, just as if you personally borrowed it. You don’t ever want to think about your child running into these sorts of problems, but it happens all too often to be ignored. Not only will they hold you responsible, but just as with those title loans in Arizona that went into default they will hit you with legal action if you fail to pay. That means action from the IRS, penalty payments and a massive dent in your credit score. This can bring about a whole host of emotional issues within the family, and the financial strain just isn’t worth it. All in all, consider co-signing to be an absolute last resort move.

Parents can co-sign on a student loan.

There are some positives to be found going this route. First of all, your student will be able to secure a lower interest rate, thanks to your involvement. Even if your college-bound child has been saving diligently, chances are he or she has not built up much credit to date, if any at all. If you have a solid credit history, you should be able to help your child secure a far lower interest rate by co-signing. And that means the cost of the loan will be lower over the life of the repayment period. In addition, by co-signing you are helping your child establish his or her own credit history. This process is crucial, as it will help them get future loans. Building credit often starts by opening up credit cards, and that comes with all sorts of other issues. By going this route you’ll work together to build your child’s credit.

Parents do have another option-PLUS loans (Parent Loans for Undergraduate Students).

To qualify for PLUS Loans, parents must have children who are enrolled at least half-time at an approved educational institution. The maximum allowable amount that can be borrowed for a PLUS Loan is the difference between the cost of the student’s attendance and any other financial aid the student receives (a number set by the school’s financial aid office).Unlike Stafford Loans, PLUS Loans feature neither a grace period during which no payments are due nor any period during which interest doesn’t accrue. The upside of this choice is that you control the repayment and do not have to rely on your student’s job procurement after graduation, or their ability to repay their loans.

college planning, dorm life, parenting

5 Necessities for a college dorm room

 

UnknownWhen teens head off to college, they probably have a few ideas about how they want to decorate their dorm rooms. They may lobby for trendy linens, bean bag chairs, batik wall hangings, and black light posters. But questionable style aside, they are likely thinking about impressing their new friends with the goods they choose to adorn their dorm room. As a parent, you have to try to strike a balance between letting your college-bound teens express their personal style and ensuring that they have what they need to create a functional, comfortable living space for the next few years.

Your best bet is to write a checklist of things they’ll need and then let them choose from those items so that they can get the style they want and the comforts of home. Here are just a few necessities you’ll want to be sure to add to your list for their college dorm room:

  1. Bedding. If you’re like most people, you aren’t exactly stocked up on Twin XL linens – it seems like only dorms tend to feature these oddly-sized beds. This means you’ll probably have to send your teens off to college with an armful of brand new bedding. You should include at least two sets of sheets (so they can keep one on the bed while the other is being washed), a comforter, and an extra blanket just in case. You’ll have to provide pillows, as well.
  2. Storage solutions. Space is at a premium in any shoebox-sized dorm room, so providing your teen with a multitude of storage options is a must. For bulky items like winter clothing and extra linens, space bags offer a quick and easy way to minimize thanks to vacuum packing. And when it comes to storing books and school supplies, consider using shelving and bins; while floor space for cabinets and drawers is definitely limited, there’s plenty of room overhead that can still be utilized. If wall mounts are forbidden, simply get a wall unit that stacks on the desk.
  3. Lighting. Most dorms come with only the overhead fluorescent fixture and any natural light that might come in through a single window on one side of the room. For students that need to work at night, while their dorm mate is trying to sleep, the lighting situation can be a problem. So provide your teens with a desk lamp (an LED option is great for students that have to work on computers since it won’t compete with the flicker like fluorescent lights can) and perhaps a book light for late-night study sessions.
  4. Shower essentials. In addition to providing your teens with towels, soaps, shampoos, and the like, you might want to include a handy shower caddy in your equation. Even if you’re lucky enough to find dorms that offer in-room sinks, the toilets and showers are housed elsewhere. A caddy, while not precisely essential to continued existence, certainly makes life (or at least showering) a lot easier for dorm denizens. And while you’re at it, don’t forget to throw in some inexpensive flip flops to shower in and avoid all the “nasties” from other people’s feet.
  5. Compact electronics. Your teens could probably put ERH power inc out of business with the amount of energy they draw for their electronics. But thankfully all of them won’t fit in a dorm room. So narrow it down to essentials like a laptop, a portable printer, and a cell phone, for example. And don’t forget the noise-cancelling headphones for those nights when the neighbors are blasting their music.

Lastly, help your teen understand that they don’t have to take their entire collection of stuffed animals or other comforts of home with them to their college dorm room. A few pictures from home along with some small personal items should be sufficient. Dorm rooms are small and made to house the basic living necessities. Pack wisely and consider that a few photos or a photo album and some small personal nick knacks will remind them of home and save on space.

 

college planning, dorm life, parenting, Uncategorized

Making the dorm room feel like home

 

Going away to college is exciting for students everywhere, yet many find themselves plagued by feelings of homesickness long after settling into their new dorm room. This is a perfectly natural feeling. After becoming accustomed to one set of surroundings for so long, it can be difficult to adjust to a whole new environment. If you find yourself missing home day after day, one of the best things you can do is try to make your dorm feel more like home. A bit of creativity and some clever decorating can make your dorm feel much more comfortable and help to ease your homesickness.

dorm room

Personalize your surroundings

College dorm rooms are not designed to feel like home. In fact, they are often purposefully bland and unassuming so as to be as palatable as possible. Think of your dorm room as a blank canvas. Look around and you’re most likely faced by white walls, utilitarian furniture, and perhaps a minimalist kitchen. Not particularly inspiring, is it? However, adding a few personal touches to your dorm room’s bland decor can easily turn your dwelling into a much more comforting and inviting space.

Start with your walls

Unadorned walls can be terribly bleak and disquieting, especially at times when you are missing home. Remember, however, that your dorm room walls are bare for a reason–they are meant to be filled. Cover your walls with art, posters, or your favorite photos of family and friends. You may not be able to bring your favorite people and places with you to college, but you can fill your living space with warm reminders of them to make yourself feel more at home. If you have any favorite wall hangings at home, bring them with you. Nothing helps to make you feel more at home than a piece of your old room hanging on the wall of your new one.

Turn your bed into a sanctuary

Sleep is more critical than ever when you’re in college, and an uncomfortable bed could be standing in between you and your nightly rest. Whether you’re laying down for a night of shut-eye or just lounging around the room, it always helps to have a bed that welcomes you. Bring your favorite covers and pillowcases from home, and spring for a comfortable foam mattress cover if you need some extra cushioning. A comfortable bed will help you feel well-rested and refreshed every day, and that is very important for keeping your spirits high.

Use your decorating sense

Think of other creative ways to make your room more welcoming. Throw down an area rug next to your bed so that you don’t have to put your feet down on a cold, hard floor every morning. Set up lamps to give yourself a comfortable and soothing level of light in your room. Think about home decoration trends in your home town. Remember your favorite trends for home remodeling in St Louis, or whatever your home town may be, and apply them to your dorm room space. You don’t have to feel like an outsider during your college years, and if you make your dorm room comfortable, you’ll always feel at home.

college guidance, college planning, parenting

5 Ways for students to avoid college sickness

 

college sicknessWith tons of college students crammed into dorms and classrooms, it’s not surprising that ailments spread like wildfire on campus, especially when you add sleepless nights, high stress, poor diet, and a general lack of physical fitness to the equation. And yet, the college students in your family need not succumb to the illnesses that plague their peers on campus, even if they are so caught up in their studies that they make health their last priority.To avoid college sickness, here are just a few pieces of advice you can instill in your kids  before they leave home:

  1. Prioritize R&R. Burning the midnight oil and letting anxiety rise without respite are two great ways to ensure that your body forces you to take a time out by contracting an illness. While students might not think that they have the time in their busy schedule to get the rest and relaxation they need, it often boils down to a matter of planning and prioritization. Sure they could stay out late with their friends, or they could choose to go out for a little while and then come home and hit the hay for a full night of rest. Taking time to relax with some yoga or even a couple chapters of fun reading (not related to a class) is possible when studying is done in a timely manner instead of put off until the last minute.
  2. Drink plenty of fluids. Proper nutrition is essential to good health, but one of the best lines of defense against illness is a large daily dose of fluids to keep a body hydrated and flush out toxins. Water is generally best, so let students know that soda and coffee don’t really figure into the eight-glasses-a-day rule.
  3. Use hand sanitizer. In general, the best way to keep kids from spreading germs is to have them wash their hands frequently throughout the day. But college-age kids might not be keen to run to the restroom between every class. For this reason, mini bottles of hand sanitizer are a great option. They can fit in a backpack or purse and keep hands that touch food and faces from transmitting the germs their classmates inadvertently share.
  4. Get a flu shot. Your teens have no doubt had all of their immunizations by the time they head off to college, but flu shots must be received annually in order to protect students from this virus. Shots may not be fun, but if they keep your student from spending a week in bed with a fever, body aches, and all manner of other symptoms they’re well worth a momentary sting.
  5. Keep regular doctor visits. Good health is an ongoing process, and it requires the help of professionals not only when something is wrong, but for regular checkups and preventive care. Since your teens will probably remain on your insurance during their time in college, find them a doctor in their area that’s on your plan and remind them when they’re due for a physical. And for times when they’re unable to avoid illness, put the number of the doctor or your policy provider’s premier patient line on speed dial.

 

college guidance, college planning, dorm life

Stocking up on college wardrobe essentials

 

Your teens would happily waltz off to college wearing the torn jeans and stained tees that saw them through high school. But as a parent you know the power of first impressions, and you want your kids to set their best foot forward when they enter the ivory tower of learning. They have all semester to prove that they’re bright, insightful, and motivated to work hard, but if they show up to class in clothes that you wouldn’t even donate to charity they will be making a bad first impression. It’s important that you take the time to help them find wardrobe essentials that are comfortable but appropriate.

Here are just a few suggestions of college wardrobe essentials for your college bound teen.

college wardrobe essentials

Get rid of the worn, ratted clothing

The first thing you should do is get rid of the raggedy old jeans and tees that seem to have become the staple of every teen wardrobe. Even if all you can get your teens to agree to is a brand new and cleaned up version of these outfits it will be an improvement over the gnarly threads they currently sport. But if at all possible, you may want to push them to expand their style borders and adopt a few pieces that will help them to appear like they’re serious about their education. It’s not as though they have to wear a prim and proper uniform, but wardrobe selections are not only important with college staff, they make  either positive or negative impressions with other students.

Take some professional attire

In truth, it’s not a bad idea to have at least one suit handy for situations like internship or job interviews, and a few business-casual pieces couldn’t hurt either. Slacks can provide a nice change from jeans for guys or girls, as can buttoned shirts, which can be just as comfortable as other options while looking a lot more put-together. A jacket can add finish to any outfit. Remind your teens that there are ways to make these pieces portray their personality by dressing them up with accessories (scarves, jewelry, cool kicks, etc.). They can work to make a wardrobe appear more polished while still showing off the style that they rank as a top priority when it comes to creating great outfits.

Don’t forget to pack climate appropriate clothing

Another thing to consider when selecting an appropriate college wardrobe is the climate your students will live in. If they’re used to the temperate climate of sunny southern California, they may have a rude awakening when they head off to college in Michigan or New York. So it’s important to outfit them with all the cold-weather clothing they’ll need to survive their jogs across campus in below-zero temps. This could include long Johns, wool socks, and an arctic parka, as well as gloves, hats, and scarves. Rather than letting them pack bikinis and gowns for prom that they’ll never use, store their less useful clothing at home so they can come back for it later and send them to college with a wardrobe that truly suits the needs of their new environment.

 

parenting, Uncategorized

How to make high school graduation special

 

If you have a high school senior, the offers of admission have finally started rolling in. March is almost over, April is just around the corner and before you know it you will be watching your college-bound teen walk across the stage at their high school graduation ceremony. Next step college–but first it’s time to celebrate and recognize their accomplishments.

Here are just a few suggestions to plan for the once-in-a-lifetime milestone and celebration. After all, you only graduate from high school once!

Brag (just a little)

This is the time when every parent can brag about their teenager. They have worked hard, applied to college, made the decision on which college to attend, and are on the road to independent adulthood. When they hear you bragging about them, they make act embarrassed on the outside, but they will smile on the inside that they have made you proud of them.

Plan a celebration

Make early preparations. Whether you have a family gathering, a party with their friends, or a small dinner with your immediate family, make it special. Take the time to pick out a unique present (perhaps some type of jewelry for your daughter, or a nice watch for you son). They will always treasure the gift and it will remind them of their accomplishment. Celebrating this time in their life with you creates a lasting memory and encourages them to continue pursuing goals.

Create your own congratulatory banner at Signazon.com
Create your own congratulatory banner at Signazon.com

Watch them beam with pride

Take out senior ads, order graduation banners from Signazon.com, and order graduation announcements to share with family and friends. Attend  banquets, recognition ceremonies and award presentations with them. When your teen sees how proud you are of their accomplishment they will move forward toward college with confidence and pride.

 

college guidance, hooking up, parenting, social networks

The hooking up culture

 

Hooking upIs dating gone? What about courtship? According to a recent NY Times article and most college students it’s a dinosaur. They have random “hook ups” with people they meet–which can include anything from making out to oral sex to intercourse. Parents need to know and understand this new culture in order to prepare their students for college. As I’ve said before, preparation is much more than academics.

According to the article in the Times hooking up is destroying today’s young adults:

Blame the much-documented rise of the “hookup culture” among young people, characterized by spontaneous, commitment-free (and often, alcohol-fueled) romantic flings. Many students today have never been on a traditional date, said Donna Freitas, who has taught religion and gender studies at Boston University and Hofstra and is the author of the forthcoming book, “The End of Sex: How Hookup Culture is Leaving a Generation Unhappy, Sexually Unfulfilled, and Confused About Intimacy.”

Parents MUST be aware of the current “hook up” culture and have some serious talks with their teens. Steer them away from one night stands, make out sessions, and sexting. Inform them of the changes that have occurred (if they don’t already know) in how people meet and get to know one another. Consider this story in The Atlantic:

This was a routine she repeated for months. Every weekend night, and on some weekday nights, she would drink so heavily that she could remember only patches of what happened the night before and then would have sex with the same fraternity brother. One night, she was talking with someone else at the frat when the brother interrupted her and led her upstairs to have sex. On another occasion, they had sex at the frat, but Nicole was too drunk to find her clothes afterward, so she started walking around the house naked, to the amusement of all of the other brothers. She was too drunk to care. Eventually, everything went dark. Next weekend, she returned to the frat.

When I asked Nicole if she was still hooking up with the same frat boy, she shook her head. She explained that the entire time she was having sex with him he never once spoke to her or acknowledged her outside of his fraternity’s basement. Not in the library, not in the dining hall, not at the bookstore.

I later told Nicole’s story to a close guy friend. “What a jerk, right?” My friend, also a frat brother, objected: “After the first time, it starts becoming the girl’s fault, too.” Nicole and the frat brother were just hooking up, after all—what didn’t I get?

Make your girls (and boys) understand that “hooking up” is NOT the road to a lasting relationship. Help them know how to stand up to peer pressure and encourage them to seek out relationships, even if it’s not the norm and it takes time.

This Friday night on 20/20, Denice Ann Evans, producer of the award-winning feature documentary: Spitting Game: The College Hook Up Culture, will talk about hooking up, the use of social media, texting and sexting on college campuses. It’s an interview you don’t want to miss. Record it if you have to but watch it with your teen. Education is much more than academics. Parenting your college-bound teen requires that you invest your time to understand the obstacles that your teen will face as they enter college.

college guidance, college planning, parenting

Working part-time during high school

 

The Essential Guide to High Schooler's Prepping for College

As a parent, you’re not only responsible for helping your teen get into college but also for making sure they’re prepared for it. From money management to studying skills, college requires a diverse set of skill sets. Just getting good grades in high school won’t effectively train your student for the demands of university life.

Perhaps balancing after school activities, household chores and a job will:


Encourage Exploration

Teens who work during high school — at the city swimming pool, mayor’s office or local burger joint — will gain valuable insight about themselves, their working habits and career aspirations. Their career choice may change, but it’s what they learn that’ll prove useful in college. Part-time work can help a teen discover and develop his or her natural traits, such as leadership, communication or team player abilities. By the time they get to college, working teens will already be experienced and ready to make decisions about classes, majors and career choices.

Resume Building

Some teen job seekers aren’t sure what a resume is, don’t think they need a resume, or aren’t sure what to include.

Even though, a resume isn’t required for a lot of teen jobs, a resume can bolster the chances of getting hired. Plus, the teen will have more information to put on the resume than one might think. Even if, it isn’t formal work experience, it doesn’t matter — include other types of work like house sitting or volunteering experiences.

Apply for jobs by making a list with your teen:

  • Name, address and contact info
  • School, work, volunteering history
  • Skills and experience
  • Accomplishments such as awards, sports, honor roll, etc

Develops Independence

A teen who’s expected to balance homework, after school activities, a social life, and work will have to learn time management and responsibility. If handled properly, this can provide teens with a great opportunity to mature and find their independence. As parents, we often try to micro-manage our kids’ lives as a way to lead them down the right path. Do that, but when they hit a certain age, you need to cut the cord. Let them make some of their own life decisions, even if it means guaranteed bumps in the figurative road of the future. They’ll learn from those mistakes and be grateful you let them.

They Learn to Communicate

If you have a sometimes strained relationship with your 15-year-old — and who doesn’t — it can make you wonder how one would handle a working relationship with co-workers or a boss. Conversing regularly with people who aren’t their friends or family members provides a good experience for teens. They learn to communicate with people who don’t already like or know them. It can be rough, but it’s essential. Fast forward five years and that teen will be in college and need those skills when participating in group projects.

Building Confidence

Being aware of ones natural talents is one thing, but having confidence in ones ability to try is another. Teens need experience in learning from mistakes. Working part time will undoubtedly present opportunities for this. If handled properly, teens will learn how to apply criticism and improve — which will help them build confidence as they see reputation isn’t built on skill alone but also on their ability to try, and try again. College life and all that it includes can sometimes be rough. Your student will need a degree of confidence to succeed — help them build it.

Saving for college

Working part-time during high school will also give your teen the opportunity to save money for college. This money can be used for purchasing books, travel expenses, living expenses and even tuition, translating into less money to borrow while they are in school.