Parents Countdown to College Coach » money for college

That all-important "money talk"

Suzanne Shaffer — Mon, 04 Oct 2010 17:35:55 +0000

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 having the conversation, however, make sure it’s just that–not a lecture. Approach it as a collaborative discussion and use this as a start to helping your teen understand the importance of budgeting and “needs vs wants”. Here are just a few bullet points highlighted in the above mentioned article:

Start off by making sure your teen knows what a “need” is and what a “want” is in relation to college costs. For some teens, all wants are needs. This is the time to nail the definition down and clarify it in their minds.
Decide just who will be paying for each college expense. Every family is different but it’s important to make this clear from the very beginning so that there won’t be any surprises.
Use a budget worksheet and understand ALL college expenses. Don’t just assume that tuition, room and board will cover it. Check out my article at Smart College Visit for a list of some of those unexpected college costs.

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.

If you liked this post, you might also like to read:

Being realistic about college debt

Top 10 Questions parents ask about college

Frame My Future Scholarship

Suzanne Shaffer — Tue, 13 Apr 2010 16:59:29 +0000

I’m always on the lookout for scholarship opportunities for college-bound teens. And when I find one that doesn’t require an essay, I’m ecstatic. Why? Because there is always that student out there that is loaded with creativity, but not the best wordsmith.

Frame My Future Scholarship, sponsored by Church Hill Classics, asks applicants to “upload an original creation that shares with us what you want to achieve in your personal and professional life after college. The main guideline is that your creation must be submitted within one image, in a JPEG format.” This allows for creativity to abound because images can be photographs, collages, a scrapbook page, a poem–just as long as it’s a single JPEG image that can be uploaded.

This year’s scholarship contest is coming to a close, but there’s a link on their site to VOTE for one of the top 24 finalists (give these creative college-bound teens some votes) AND a link to sign up to receive information on next year’s scholarship. What could be simpler?

As always, I recommend you keep a scholarship file (either online or in a folder) with all your scholarship finds so that when the time arises to apply, you won’t forget about a single one!

Kudos to Church Hill Classics for coming up with this unique scholarship!

Scholarship Alert: Essay Contest for 2010 Seniors

Suzanne Shaffer — Wed, 08 Jul 2009 15:03:42 +0000

FIRE’s Freedom in Academia Essay Contest

2009 Awards
One first place winner will be awarded a $5,000 college scholarship.
Two second place winners will each receive a $2,500 college scholarship.
Five runners-up will each receive a $1000 college scholarship.

Deadlines
The final day to submit an entry is November 6, 2009. The winners will be announced on December 11, 2009.

FIRE’s Mission
FIRE’s mission is to defend and sustain individual rights at America’s colleges and universities. These rights include freedom of speech, legal equality, due process, religious liberty, and sanctity of conscience?the essential qualities of individual liberty and dignity. FIRE’s core mission is to protect the unprotected and to educate the public and communities of concerned Americans about the threats to these rights on our campuses and about the means to preserve them.

Click here for all the scholarship details!

What Can You Do? Scholarship Video Contest

Suzanne Shaffer — Thu, 25 Jun 2009 02:14:27 +0000

Is your college-bound teen a budding videographer or filmaker? The Campaign for Disability Employment is sponsoring a video contest for a $1500 Scholarship. The contest asks applicants to make a video on best practices within the workplace that allow every employee the opportunity to contribute, specifically fellow co-workers with a disability.

This is a perfect opportunity for your creative teen to use that creativity and win a scholarship. Since there’s no age limit, anyone can create a video and upload it for submission.

The deadline is July 15, 2009, so don’t procrastinate and encourage your teen to get their creative juices flowing!

Click here for rules and entry information.

Scholarship Q & A

Suzanne Shaffer — Tue, 16 Jun 2009 18:26:58 +0000

Question: Is it worth my time to apply for scholarships?

It is if you want FREE money. Because that’s what scholarships are: FREE money. The key is to apply for those scholarships that “fit” you. Each scholarship is looking for students with specific qualities. If you meet those, you’ll have a much better chance of winning the scholarship.

Question: I’m not the best student. Is there a scholarship out there for me?

Absolutely. Many scholarships aren’t based on grades, but on specific criteria. Many are essay contests. Many are based on heritage or affiliation. Many are based on specific talents or abilities. So even though you’re not a “straight A” student, there are scholarships out there that would be a perfect fit for you.

Question: Do I have to have a long list of extracurricular activities to win a scholarship?

The great thing about scholarships is that you can distinguish yourself by being focused on a particular activity. It’s not how many you have, but what you have spent your time on during your teen years. If you communicate your strengths (such as working all throughout high school), you won’t need a long list of activities.

Question: Are all scholarships the same?

Absolutely not. Scholarships are as varied as people. There are scholarships for academics, writing, inventing, music, lineage, creativity, geographic residence, and the list goes on and on. As I said previously, finding the ones that “fit” is the key to success.

Question: What is the easiest way to find out about scholarships?

Go online to scholarship sites (you can find some on my TOOLS page) and register. Ask your counselor. Visit your local library reference desk.

Sign up for me FREE Ebook for many other suggestions!

Scholarship Alert!

Suzanne Shaffer — Fri, 12 Jun 2009 16:18:07 +0000

No time to waste! Here’s a scholarship opportunity for 17-18 year olds. $500 will pay for any number of college expenses.

What: This contest asks you to answer one simple question in 250-350 words: “What’s the best way a student can manage their money in current economic times?” Judged by FastWeb’s own Financial Aid Guru, Mark Kantrowitz.

How Much: Two winners, $500 each.

Dates: Contest begins May 25, 2009 and ends June 22—no entries will be accepted after Monday June 22, 2009 at 11:59 p.m. central time.

Winners Announced: June 29 on FastWeb. Winning essays will be featured on the site!

Who’s eligible: If you’re 17 or 18 years old, have a 2.0 GPA and up, and are enrolled full time in a high school or an accredited college/university, you’re eligible. In fact, just to make it fair, we’ll select one winner from the 2.0-2.99 GPA range and the other from the 3.0 – 4.0 range. Regardless of your GPA, there’s no reason NOT to enter!

Who’s footing the bill: This contest is sponsored by FastWeb and Bank of America. How to Enter: Email your essay on the topic: “What’s the best way a student can manage their money in current economic times?” to EssayContest@FastWeb.com.

In College, the Little Things Can Add Up

Suzanne Shaffer — Wed, 06 May 2009 20:45:23 +0000

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.

Transportation-Most campuses do not allow freshmen to have cars. If they do, consider doing without. You can most likely find everything you need on or near campus. Consider buying a bus pass or walking. It’s the easiest way to pare down the expenses.
Communication-Compare cellphone plans and make sure you’re signed up for a plan that allows you to have unlimited texting and free conversations with your friends and family. Keep track of your minutes and don’t go over.
Computer-Many schools 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.
Insurance-If your family has health insurance that covers you, make sure the college doesn’t tack on those extra charges to your tuition bill. It’s not a bad idea to get some sort of content coverage for your dorm room. Things tend to “disappear” on crowded college campuses.
Tuition-Stay on track and make sure you finish your education ON TIME. Additional semesters, hours, etc. will increase your tuition and add extra costs when they are unnecessary.
Food-If you eat regular meals, the college meal plans are great bargains. If you don’t, and your college will allow you to opt out or pick and choose, you might save money by doing so. My daughter rarely used her plan and we found it was an unnecessary expense.

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.