For the next several days, I’m going to be sharing some Back to School tips for parents. These tips will be for current high school parents and those parents whose students are heading off to college.
Today’s tips are for parents of current college students, especially those who are heading to college for the first time.
Continue reading Back to School: Preparing for Upcoming College Expenses
Everyone wants a free ride for college. Unfortunately, it’s not that easy. Even athletic scholarships rarely provide students with a full ride for athletes.
Scholarships that pay all college expenses are available, however, if you know where to look. Here are four ways your student can win enough scholarship money to pay for all their college expenses.
Good grades, good test scores, a stellar volunteer record and essay, can mean thousands of dollars in merit aid from the college. If your student is applying to one of the colleges on this list, he or she could score enough money to pay for all their college expenses.
Merit Aid Scholarship Directory
The PSAT is one way to win a full-ride scholarships. If your student is a National Merit finalist (which isn’t that difficult with a little preparation), he or she would be offered a full-ride scholarship and more. Here’s a list of colleges that offer scholarships to National Merit finalists.
Colleges With Scholarships for National Merit Finalists
Full-ride scholarships are offered to the students who are at the top of the applicant pool. The bar is set pretty high, but if your student is one of them, they could score a scholarship that pays all their college expenses. How does your student get to the top of the applicant pool? Apply to colleges where their SAT scores and GPA are higher than other students. This list will help you find those schools.
Comprehensive List of Full-Ride Scholarships
If your student works hard at applying for scholarships, it’s entirely possible to win enough scholarship money to pay for all their college expenses. Monica Matthew’s son, with her help, won $100,000 in scholarships. If you want to know how she did it, read her story and while you are there, purchase her simple how-to guide.
Finding and winning full-ride scholarships can be done. But it takes some effort: searching for the right colleges, doing the work in school, and applying for scholarships.
It’s never too early to talk to your teens about college costs and what is expected of them once they take that much anticipated journey. If they understand the family’s financial situation and know what they will be expected to contribute towards college costs, they can start planning ahead by working during the summers and saving (Note: just make sure they put those savings in the parents name for financial aid award purposes).
According to a recent article about talking with your kids about college costs, kids are acutely aware of their need to contribute :
Despite the continuing cloudy economic forecast, one thing is crystal-clear: College costs continue to climb. And it’s made many students acutely aware. In a recent Fidelity Investments online survey of U.S. high school seniors, a majority said saving for education was “overwhelming.” Good news for parents: 94 percent of students were willing to pay for at least some of their college costs; 56 percent of those said their share should be half.
When your teens contribute to the costs of their education, they will be more invested in their success. They will also learn valuable budgeting lessons that will stick with them past college and into adulthood. You’re doing your teen a disservice if you don’t involve them in the college financial discussions. They need to be active participants in the decisions and also play an active part in paying for that high-cost college education.
Many of the college debt disasters in the news recently might have been avoided if the parents had sat down with their teens and had the “money talk”. Don’t let your teen walk across that stage at graduation and be clueless as to how to budget and be a financially responsible adult. It’s your job as a parent college coach to prepare them for a financially stable future.
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When my daughter was in college, she was inundated with credit card offers: in the mail, on campus, and via telephone. During freshman orientation, they signed her up for a local checking account and accompanying credit card on the spot. I have to say, at the time it was convenient and easy. But looking back, that one credit card led to debt and made it easier to sign up for more. After graduating from college, she had accumulated some hefty credit card balances due to the convenience of using those cards.
University Parent Media, seeing the need for smart spending alternatives to credit cards, has partnered with StorValue and created a program for college students that offers two amazing benefits: controlled spending and cash back rewards. Campus Dough, a low-fee, reward-filled prepaid debit card, provides unmatched benefits for students and their families. Campus Dough gives collegians shopping, restaurant discounts and a new way to manage money through virtual banking and online tools. Parents can use Campus Dough to help ensure security and responsible spending.
Here are some appealing benefits for both parents and college-bound teens:
According to Campus Dough, “the more dough you spend, the more dough you earn, AND the more dough you SAVE!”
Take some time today to visit their website and watch the video presentations on how the card works. Once you do, I’m sure you’ll see the benefits of this card and sign up for one today. It’s the smart way to help your college-bound teen learn about budgeting, spending and the benefits of graduating with good credit and minimal debt.
It’s a given that the greatest college expense will be tuition, followed by room and board. But it’s the little things that can add up. If you’re budgeting for college and have all your ducks in a row regarding the BIG expenses, you might want to take a pencil and budget in the little things. You’ll be surprised how the nickels and dimes can add up to hundreds.
require students to have a personal computer. Shop around for one with a wireless connection so you can use the campus ethernet. Buy it when there are sales and bargains and verify that a good warranty is attached.These are just a few ideas that might help you save some cash during your college years. As a parent, you’ll appreciate the chance to keep some of your hard-earned money in your pocket.
If you’ve got a hint I haven’t touched on please comment here. I’m sure our readers could benefit from any and all suggestions.