Summer Step #3: Realize That Summer Study Can Be A GOOD Thing!

Yes, parents are on the hook for some work this summer, obviously, as far as getting all the finances optimally arranged, and counseling with your advisor regarding the possibility of your home equity offering a tax-preferred method for college funding. Let’s even out the workload here, and focus on things that your child can do, as well!

It might sound silly at first, but one of the most productive things your student can do to prepare for (and pay for!) college is… hit the books. OK, obviously… children who achieve higher marks at school usually will have more options when it comes to better colleges. That makes sense. However, the not only does the quality of schools improve with better grades… the financial aid gets better, as well!

Here is the reason. Every college in the country is trying to attract the best and brightest students available. Excellent students (and, over time, outstanding alumni) are instrumental in helping any school to boost their reputation, bring in more sharp students in the future, and attract donations. To make this a reality, colleges and universities offer scholarships, grants, low-interest (or even no-interest!) loans and other benefits of all kinds, and they will even compete with each other for a desirable student! The fact is, if your child gets high grades and high test scores, you will likely see lower college bills.

DISCLAIMER: We must hasten to add that we do NOT suggest that your child suffer through endless studies during summer vacation! Certainly, they have earned some time off, and we hope that they enjoy it! However, they will be better off in the Fall if their minds have not stagnated completely for almost three months…

Some savvy parents seek out a part-time tutor or academic program to assist their child in improving their studies over the summer. This can be accomplished either by focusing on areas in which the child needs some additional attention, or even by getting a jump on the material to be tackled in the upcoming academic year. This can be a huge benefit to students (and their grade point averages!), and please note that the time invested does not have to undermine their summer recreational activities.

Summer may be the “off season” for school, but we hope that these three tips will give you a solid guide for some practical things you can do to improve your college finances. Most people find that after the start of the school year, it actually gets more difficult to complete all of the forms and organize all of the necessary information. By getting a head start during the lazy days of summer, we are confident that the remainder of your year will progress in a much simpler and more successful manner!

I hope these three summer strategies can help you in your quest to send your children to the college of their choice without spending your life's savings.