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Paying for College When You’re Starting High SchoolBy Glenda Moehlenpah Financing college is one of the most daunting aspects of
attending, however it’s not so bad if you’re willing to plan.
In this series of articles, we will explore ways to finance college at
various stages of your life – from babyhood to post-graduation. As you walk down the halls of your new high school, you overhear snippets of conversations – “So where are you going to college?” “I’ll be going to Harvard, of course.” Then the questions start forming in your mind, and you start to wonder . . . and to dream. Then you start to worry, because even though you’re a freshman in high school, and may not have started driving, you’ve only got four more years to save for college. The good news is that at 5% inflation, in four years the cost of four years at Harvard, including room and board, with books and supplies, is slightly less than $173,000.1 Even so, that’s still a chunk of change, so how will you pay for that? Review
Of course you can still use all of the savings methods mentioned in Paying for College as a Baby, such as UPromise and BabyMint accounts, Coverdell Education Savings Accounts, UGMAs, and 529 plans. Naturally, with less time available, you won’t be able to save as much. Furthermore in four years, your savings won’t have the same potential to grow through the miracle of compounding. Don’t give up hope! There are other alternatives, like: · College Credit for High School Classes—Some colleges and universities have arrangements with high schools where, for a relatively small fee, you can obtain college credit for a class that you take as a junior or senior in high school, as long as you maintain a specified GPA in the class. So check out the requirements with your local high school and plan your schedule accordingly. You may be able to get college credit while still in high school.2 · Advanced Placement Examinations—Many high schools offer annual Advanced Placement Examinations on various topics and most colleges and universities then provide credit for qualifying examination scores. Again, you will need to structure your high school schedule to accommodate these advanced placement classes. It goes without saying that you’ll need to score well on the tests as well. However, the more credit you get before college starts, the less time you may spend in college (and/or you might have the option to pursue a double major.3) ·
Scholarships—As a freshman in high school, it’s too
early to start applying for college scholarships. However, it’s not too early to see what’s available.
And for that, we thank the creators of the Internet, because there is a
plethora of websites with scholarships databases.
Many of the websites (including www.scholarships.com
and www.fastweb.com, to name just two)
require that you register, provide detailed information about yourself and your
family, and provide an e-mail address. If
you choose this option, get permission from your parents! Better yet, have them register with a free e-mail account
that can be used exclusively for scholarship searches. Other websites (with less extensive databases, such as www.freschinfo.com,
www.guaranteed-scholarships.com,
www.free-4u.com and www.schlarship-page.com)
are more cumbersome, but do not require any registration. Basically, there are millions of dollars available in
scholarships, but you have to know what’s available and whether or not you
qualify. By looking at the websites
now, you may be able to find one that fits you already (based on gender,
religion, or race) or you may find something that interests you enough to
develop the hobby now. Be aware that regardless of the number of scholarships,
there are many people competing for them. Scholarships
aren’t just given away; you’ll have to work for them.
You’ll also need to develop your writing skills (and, of course,
that’s not all bad either when you think of all the college essays you’ll
have to write). Besides, at some
point you might be inspired to write an article for ninetyandnine.com and
this will give you practice! Furthermore, most scholarships are awarded based on
financial need and academic achievement. So
start getting good grades as a freshman in high school—it’ll make your
college experience that much easier. “Whatever
your hand finds to do, do it with your might;” Ecclesiastes 9:10 (NKJV). ninetyandnine.com ã 2002, Glenda K. Moehlenpah -------- Glenda K. Moehlenpah, CPA, CFP® is the founder of Financial Bridges (www.FinancialBridges.com), offering Fee-Only financial planning and investment advice to people from all walks of life on an hourly, as-needed basis. 1.
Amounts shown are for purposes of illustration only.
There are no guarantees that inflation will only be 5%. 2.
I obtained eight credits at Saint Louis University as a junior in high school
for an Advanced Chemistry class. 3. I obtained four credits at Saint Louis University for an Advanced Placement Examination for Calculus (exam taken as a senior in high school), seven credits for French for an Achievement Test and three credits for English for a College Composition Examination.
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