Before College: Beef Up Math, Reading, and Writing Skills Now To Help Your Children Win Scholarships Later

Scholarships! Free money! No repayment, no interest accumulation, and students don’t work to receive their proceeds. So they’re the best way to pay postsecondary educational expenses. From birth through high school, parents can play a role in improving scholarship chances for their children when the college years arrive. Here are three major ways . . .

Boost Mathematical Skills

Math is essential in modern life. Applied fields like computer science, engineering, and information technology depend on it. All the physical sciences use it. Research and analysis that increases knowledge in the social sciences rely on it, too.

Not surprisingly, there are many scholarships for students who do well in STEM (Science, Technology, Engineering, and Mathematics) fields. Strong math scores on standardized tests and high school GPAs featuring solid math grades also help students win other, more general scholarships.

Your children don’t need expensive math camps. The Michigan State University Extension Service provides guidance on how parents can help young children grasp mathematical basics that’ll make them better with more complex math problems later. And the National PTA offers a series of Parents’ Guides to Student Success, each of which provides pointers on things students need to excel in math and other subjects during grades K-8 and high school.

Enhance Reading Ability

Lots of reading when children are young often turns them into good writers. And since many scholarship selection committees use essays to help them make decisions, reading to your very young children, and encouraging them to do their own reading as they grow, can pay off in the postsecondary years.

Top-notch scholarship essays authentically, clearly, compellingly, and succinctly reveal personal experiences and how they’ve influenced applicants. Stories that are autobiographical, biographical, or about real-life happenings — from historical incidents to contemporary sporting events — tend to have these elements.

Children who listen to and read good writing as they grow tend to have stronger vocabularies. Typically, they’re also better at framing the cohesive, descriptive phrases needed for strong scholarship essays.

Strengthen Writing Proficiency

Reading alone doesn’t fully prepare students to write effective scholarship essays. Writing is a process and, like any process, it gets better with practice.

Writing for scholarships is similar to writing for other purposes, so preparing to write scholarship essays can also help produce winning admissions essays and term papers.

Grammarly recommends five steps to practice for writing scholarship essays. They’re useful regardless of writing style, and they can be practiced in many settings — school classes and newspapers, debate and speech teams, writing camps and workshops, etc. But they can also be developed informally, at home, with family.

Collaborate with school teachers to coordinate activities that’ll build up math, reading, and writing skills for your children. This’ll make them stronger scholarship candidates. And it’ll also enhance college admission and job opportunities. In short, it’s a way amplify lifelong chances for multiple successes!

We’ll publish another article on strategies for your Pre-College Finance Plan right here every Wednesday through December. So follow this website to learn more about these strategies!

Before College: It’s Never Too Early to Start Investing and Saving for Postsecondary Education

With a year at the average in-state college costing 41% of median household income, most Americans don’t earn enough to pay for postsecondary learning from their monthly paychecks. But as master-investor Warren Buffett says, “Never depend on a single income, make an investment to create a second source.”

Postsecondary costs increase every year, so start investing as soon as possible. The longer your money’s invested, the greater it’s future value can be thanks to dividend and interest earnings.

Even if you could only invest $100/month at 1% interest beginning when your child’s born, you’ll have over $27,000 for college when that child turns 18. Unless you have big dollars to invest and save, your accounts won’t pay all postsecondary expenses, but they’ll reduce what you and your child need to borrow for those expenses.

There are several postsecondary saving and investing options. Here are some of the more popular:

  • 529 Plans: All states offer tax advantaged savings or prepaid tuition programs so parents, grandparents, others can help designated “beneficiaries” pay their educational expenses. Look here for more information.
  • Bonds, Stocks, and Mutual Funds: Most people use professionally managed mutual funds to invest in bonds and the stock market. Prospectuses are available on these products to disclose key details about them. Read these carefully before investing.
  • Certificates of Deposit: CDs and their fixed rates of return are federally insured and so very safe. But returns are low, and taxed like other income, and there are penalties if you withdraw funds early.
  • Coverdell Education Savings Accounts: Coverdell ESAs are open to those with Modified Adjusted Gross Incomes (MAGIs) below $110,000 ($220,000 if married filing jointly). Money in them grows tax free and can pay $2,000 per year of each designated beneficiary’s Qualified Education Expenses.
  • Education Savings Bonds: Series EE savings bonds are safe, reliable, and government backed. They can be bought for $25 to $10,000. Their rates of return are very low, but the interest they earn is tax-free for investors with MAGIs below $99,250 ($146,300 if married filing jointly).
  • Savings Accounts: Regular savings accounts are federally insured up to $250,000 so they’re incredibly safe. Interest earnings are low, fixed, and taxed. But with no withdrawal penalties, the money’s available whenever needed.
  • Roth IRAs: The up to $6,000 or $7,000 per year you put into a Roth IRA is taxable, but the money you take out isn’t as long as it’s been there five or more years and you’re at least 59.5 years old or you use it to pay you or your dependents’ tuition, fees, books, and educational equipment.

Will investing cause your student to lose out on financial aid? Maybe. But student grants cover just 10% of college expenses, with family income, savings, and student loans paying the rest. And investments hurt aid eligibility far less than earned income during the postsecondary years.

Don’t use money you need for basic necessities, emergencies, retiring high-interest credit card debts, or retirement to invest for college. But see your banker or a financial advisor about how to invest as much as possible today and minimize postsecondary debt tomorrow.

Investing and saving is important, but it’s just one of several strategies for your Pre-College Finance Plan that we’ll cover this fall. Become a follower of this website to access an article on new strategies every Wednesday between now and mid-December!

Before College: Strategies for Your Pre-College Finance Plan

We’ve described affordability crisis in postsecondary education. Simply put — there’s not enough money for low and middle-income Americans to pay the exploding price of education after high school.

But don’t give up! Whether you want your child to college or hope to go there yourself, you can make it more affordable with an effective plan for keeping such learning within your means — a Pre-College Finance Plan.

A Pre-College Finance Plan includes strategies you select and implement to maximize your financial resources for postsecondary learning and to reduce your postsecondary costs. Begin your plan as soon as possible, because some of these strategies are very time sensitive. But if you don’t yet have a Pre-College Finance Plan remember, it’s never too late start one.

Here’s a breakdown of possible strategies for this plan. They’re divided by the four phases in the 18 – 19 year lifespan of one who begins postsecondary study within a year of finishing high school. But even if those aren’t your circumstances, many of the can still help you.

Birth – Elementary School

  • Invest and Save: The earlier you start, the better, even if you don’t have much to put away.
  • Promote Math, Reading, and Writing: These can help children capture scholarships later.
  • Teach Money Basics: Educating little ones on money basics now can help them handle it wisely in college.

Middle School

  • Identify General Career Directions: It’s too early to decide if children should study brain surgery, but not to early to recognize their interest in, say, health care or the sciences. This’ll help cut college expenses in many ways.
  • Start Enhancing Online Skills: Even after COVID-19, web-based communication and research will be increasingly critical in navigating America’s education and scholarship systems.

High School Years 1 – 3

  • AP and Dual Credit Courses: Students can generate big savings by taking college-level courses in high school, then transferring those credits to quicken postsecondary completion.
  • Community and Extracurricular Activities: These helps make students stronger scholarship candidates.
  • Scholarship Search: Start this in the spring of junior year.
  • Summer and Part-Time Work: Student employment can generate significant savings and other postsecondary financial resources.
  • Political Activism: Work in your own, and your country’s, interests by pushing to make federal and state financial aid programs better serve needy students.

High School Senior Year

  • Dates and Deadlines: They make a big difference in whether students get grants and scholarships.
  • Rip-Offs and Scams: Beware of crooks as you seek and apply for financial aid, and understand games postsecondary schools play in disclosing their costs and scholarships.
  • Comparative Shopping: Select schools that are good fits, but don’t shun community colleges as a place to start. Be careful about high-priced private and out-of-state public colleges. Avoid profit-driven schools.
  • Year One Preparation: Help students prepare to live frugally and independently — e.g. to manage money, do laundry, cook meals (if they’re not living on-campus or at home), etc. You’d be surprised how much can be saved.

College Affordability Solutions will post an article about each of these strategies every Wednesday for the next 15 weeks. So become a follower of this website to make sure you get the latest!