Category Archives: parenting

college costs, parenting, Real College Guide

Smart Spending (and saving) for college students

It’s never too early to teach our kids to spend smart and save. If you get them in the habit before they go off to college, it’s much easier for them to see the value once they are away from home. Today’s post by Real College Guide gives us some good ways to teach our kids to save, even if they aren’t in college yet!

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Being a college student used to mean eating three packs of ramen noodles a day and biking around campus because gassing up your 1985 Chevy was too expensive. Whether you work a part-time job or get an allowance from your parents, you can learn some key concepts to saving and spending wisely — now and after college.

Smart Spending
There are plenty of ways to save a few bucks every day. Dr. Dick Verrone, personal-finance professor for the Cameron School of Business at the University of North Carolina, Wilmington, has these penny-pinching tips:

  • Order water. Don’t get soft drinks when you’re eating out. Why pay $2 for 150 soda calories? Also, Verrone says, “Never order orange juice.” OJ is extremely overpriced at restaurants, and most of the time it’s from concentrate.
  • Limit your pocket cash. When going out on the town, take a 20-spot, and leave your cards at home. You’ll be forced to keep your tab under $20.
  • Buy quality clothing items. They may be a little more expensive, but they’ll last longer. Verrone also definitely approves of outlet shopping. But before making purchases, think: Do I need this? If not, don’t buy it!
  • Switch your prescriptions. Change your name-brand medications to generic ones. You can usually save about $20 per med this way.

Clipping “Coups”
OK, most college students don’t have easy access to a daily paper or coupon flyer, so how do you save with coupons and special discounts?

  • Look online. If you’re going to the sporting-goods store, for example, type the name of the store into the search engine, along with the words coupon codes. Lots of websites track down discount codes for online shopping, as well as printable coupons for buying items in-store.
  • Sign up for discount alerts via text. Some campuses have local text-message discount services — check at your student center or information desk. (Of course, this is not a good idea if you don’t have an unlimited cell-phone plan.) Mike Meyer, a UNCW senior, is signed up for deals in North Carolina at CouponstoYourPhone.com. “Every Monday, I get a coupon-text for one of my favorite restaurants,” he says. “It’s awesome.”
  • Purchase a coupon book. These books pack hundreds of coupons, usually for buy-one-get-one-free offers. They’re worth the $25 (if you buy one from a campus organization’s fund-raiser) or even $35 (available online at Entertainment.com) after just a few uses.

Long-term Saving
Verrone recommends getting into the habit of saving now to set yourself up for an easier financial situation after graduation. “Make the amount small enough so you can do it,” he says, such as saving $5 per week or $10 each month.

  • Set up an automatic transfer. Most large banking institutions, such as Bank of America or Wachovia, will let you set up transfers between linked checking and savings accounts. Meyer has $30 a month transferred. “That’s how I saved money for spring break freshman year,” he says.
  • Start an individual retirement account. No, you’re not too young! This is the time to do it. “Once you’ve accumulated $200 to $300, open a Roth IRA and continue to fund it every month from your savings,” advises Verrone. Even if you continue to only save that $10 per month, you’ll be accumulating real money for the future.
  • Watch your money grow. Let your savings work for you by investing in mutual funds with low expenses and superior performance records, suggests Verrone. Consult a financial adviser at your bank for more information.
  • Consider an online banking service. Having an online bank can be a good outlet for putting away large sums of money that you can still access without penalties (unlike with an IRA). Online banks usually provide higher interest rates, although transfers take two to three business days. Meyer has a savings account with INGDirect and loves it: “A two-day transfer is more of a commitment, so I have to really think about it before I make that decision.”

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This article was written by Ocean Gildee for The Real College Guide and is made available to Parents Countdown to College Coach through a partnership with The Real College Guide.

college guidance, parenting, Uncategorized

Parenting is NOT for cowards!

Recently I received an email from one of my list subscribers telling me that parents want more than the facts, they want the DETAILS. Then I received an email from a distressed parent, concerned that her son was making the wrong college choice and she wanted to know what to do and how to react.

Let’s face it: parenting is NOT for cowards! Just when you think you have the terrible two’s figured out, along comes grade school woes (and all it entails), middle school trauma (with puberty), and high school drama (with the college admissions process thrown in for good measure). I had a friend who once told me, “potty training ain’t NOTHING compared to parenting a teenager!” She was right!

Parenting is in the details; and knowing where to find those details is often hard. That’s why I created my Parents Countdown to College Coach blog. It’s here to help you find those details; because it’s impossible for me to provide every detail for every question you might have. But, I’ve gathered a wide network of experts to help you find those answers and fill in the blanks where I can’t. If you’re a smart parent (and I know you are) you will utilize each and every one of these resources to help you with all your questions.

Watch my blog over the next few weeks when I feature my favorite college experts and tell you why I think they are BETTER than Santa’s helpers!

And if you’re one of those parents that want ALL the information right at your fingertips, you can find it in my Parents Countdown to College Toolkit.

college guidance, college planning, parenting

My Top 10 Posts–Helping Parents Parent

 

After reading Chris’ guest blog post on Character (The #1 Key to Success in College), I felt it might be prudent to bring back my “best of the best” posts specifically directed toward helping parents parent their college-bound teens. Feel free to pass the link along to other parents (pretty please????).

1. Is college just about ROI?
http://www.parentingforcollege.com/2010/11/is-college-just-about-roi/

2. 10 concepts your teen should learn BEFORE college
http://www.parentingforcollege.com/2010/04/10-concepts/

3. Top 10 things every parents should know about “hooking up” in college
http://www.parentingforcollege.com/2010/04/hooking-up-in-college/

4. Motivating an under-achiever toward college
http://www.parentingforcollege.com/2009/12/motivating-an-underachiever-toward-college/

5. Top 10 Do’s and Don’ts of parenting a college-bound teen
http://www.parentingforcollege.com/2010/05/parenting-college-bound-teens/

6. Top 10 Questions parents ask about college
http://www.parentingforcollege.com/2010/06/top-10-questions-parents-ask-about-college/

7. Being realistic about college debt
http://www.parentingforcollege.com/2010/06/being-realistic-about-college-debt/

8. Being a parent college coach: the three C’s
http://www.parentingforcollege.com/2009/05/being-a-parent-college-coach-the-3-cs/

9. Preparing your teen for college
http://www.parentingforcollege.com/2009/05/preparing-your-teen-for-college-its-all-about-guiding-not-doing/

10. Six Campus Safety talking points
http://www.parentingforcollege.com/2010/05/campus-safety/

admissions, college guidance, college planning, financial aid, parenting

College Access and Opportunity Guide—A Review

The Center for Student Opportunity created the College Access and Opportunity Guide to help low-income and first generation college-bound students make their college dreams become a reality. As a parent, I found this guide informative and helpful in providing direct information about the college admissions process.

There are helpful tips on how to stay involved in the college process without overstepping your boundaries. The guide clearly sets out the steps to take from beginning to end, along with insider advice from college students and other experts. There is clear discussion about loans, scholarships and how to find the perfect fit college. Also included is an excellent section specifically directed towards parents helping them to listen, encourage and how to let their college-bound teen handle the process by guiding them through the process.

But the real meat of this guide is the college specific information. The guide features 284 colleges and universities highlighted for their outreach efforts, financial aid opportunities and student support services. Instead of focusing solely on the numbers, this guide helps students locate and find important programs at each school that can help prepare for college (Access Programs), locate schools that provide financial incentives for admitted students (Opportunity Programs), and support services for college students to help them persist to graduation (Success Programs).

Each of these colleges is committed to supporting first-generation, low-income, and minority students on their campus and in their community. Profiled colleges are included in light of the programs and opportunities they present for this group of students.

If your college-bound teen falls into this group who want to make their college dreams a reality, you should pick up a copy of this simple-to-read and understand guide.

For more information about the Center for Student Opportunity you can visit them on their website at www.csocollegecenter.org.

college planning, parenting

The Number One Key To Success In College

What is the primary key for your kids to succeed in college?

grades – avoiding procrastination – passion – friends-scholarships – study time – lots of beer (just kidding…although some kids think that)

Here it is parents!  Get out your journal, grab a pen…you don’t want to miss this one!

CHARACTER

M-W.com definition of character: moral excellence and firmness <a man of sound character>

Chris Spradlin’s definition of character: “Our character is what we do when we think no one is looking.”…Jackson Browne actually said this!

As parents we can teach our kids to make great grades, to be on time, we can instill passion deep into their souls, encourage them to make great friends and study.  But the single greatest asset that we can deposit deep into our kids heart is Character.

As our kids enter college we must encourage them to exhibit character in the following areas…

  • Study Ethics: I remember that my toughest subject my freshman in College was Algebra.  To be honest, I am just not that bright when it comes to math.  How did I make it through?  I cheated my entire way through the class.  I never built a math foundation for my remaining years; therefore I struggled through all four years of College.  Parents, we must teach our kids to walk in character when it comes to study ethics.  We must teach them to work hard, study hard, ask questions, join study groups; but at the end of the day, we must teach our kids that it is much better to take a low grade than to cheat.
  • Honoring The Gift: Many students today expect that they will attend college.  I believe that is a good expectation but that parents should help them understand that attending college is a gift!  In the world we live in today many students can’t afford college, don’t have the grades to get into college or don’t have their families help to make it into college.  I believe that parents should teach their kids to walk through the college doors with thankfulness and humility!  That each time they enter a class or extracurricular activity that they should recognize that attending college is a gift other kids don’t have and to honor it.
  • Contributing Financially: I know that this can be a controversial subject for some, but I strongly believe that by asking a student to contribute financially in some form or fashion…this creates ownership in the college experience.
  • Free Time: One of the biggest lessons that I have learned in my life is when a mentor of mine sat me down, looked me in the eyes and said, “Chris, I want you to know that life is not all about you”!  The reality is that most kids enter college and they are the star of their own show, life is about them…their grades, their friends, their fraternity and their social life.  I believe that parents should teach their kids that, “life is not all about them”.  Parents should teach their kids to use their free time to serve others.  Encourage them to serve in a soup kitchen, serve in a local religious organization, mentor a struggling student or befriend someone who is having a tough time with the college transition.

I believe the number one key to success in college is character. Parents, we must take the time to live this out and deposit character deep into the heart, soul and mind of our kids and then they will be truly successful.

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This guest post was contribured by Chris Spradlin, the founder of www.epicparent.tv.  According to Chris: “I didn’t launch epicparent to showcase my parenting skills, but rather be honest about my failures, wounds, wins and my journey as a parent.  I absolutely love honest, authentic, on-the-edge, innovative, entrepreneurial, get-your-hands-dirty parenting. I believe that if parents would step into their God-given role, the world would be changed!”

admissions, college guidance, college planning, parenting

Is college just about ROI?

This week on #CampusChat there was a guest that informed us that college is a bad investment for a large percentage of teens. Granted, I could see her point (You can read the transcript here). Many teens aren’t ready for college. I agree it is important to counsel our teens on finding out what they love and guiding them along a career path. But is college truly all about ROI? Do we encourage our kids to go to college solely based on the fact that they will give us a good return on our investment?

It’s not that I don’t agree that college, for some, is a bad decision (Should everyone go to college?). Not because it’s a bad investment, but because they aren’t suited for it and would be happier pursuing other options. Should you go into massive debt for a liberal arts degree that leaves you unemployable? Absolutely not (Being realistic about college debt). But, could you get a liberal arts degree and in the process discover your passion? Absolutely.

If you ask both of my children if they thought college was about ROI, they would have different answers. My daughter would say that college for her was so much more than getting that degree and finding a job. She would say that it gave her life experiences. She would say that she found lifelong friends in college. She would say that her study abroad experience was invaluable. She would tell you that she learned about the business world doing internships related to her major. It was at college that she learned independence, budgeting, developed a strong work ethic, got an education, and basically grew up. And she would say that you can’t put a dollar amount on those four years.

My son, on the other hand, had a very different experience. He was not a good student in high school and didn’t show much interest in college, opting for a 4-year term of service in the Marines. After the Marines, he decided to go to college. For him, it was more about pushing himself to attain the degree and proving to himself that he was capable of that level of education. He attended community college for two years and transferred to a 4-year college to finish his degree among the top graduates in his major. And while he did incur some debt acquiring that degree, he would never say it was a waste of time and money or a poor return on investment even though he’s not working in a career related to his liberal arts major.

I’ve known smart kids who knew their career paths at an early age and got to college and failed. I’ve known average students without a clue of what they wanted to be, attend college, find their passion and excel. College opens up your mind, introduces you to experiences and submerges you in academia. Should you be wise about which college you choose and how much you pay for that education and life experience? Of course you should!

I admit. I’m a proponent of college. Perhaps it’s because I never had the opportunity to go. Perhaps it’s because my parents never encouraged me to go. Perhaps it’s because both my kids found value in two different educational paths. For me it’s so much more than ROI. Maybe I’m burying my head in the sand. But I still believe that a college education is something that has great value beyond its cost.

And that, my loyal readers, is one parent’s opinion!

admissions, college planning, parenting

Parents–Upcoming #CampusChat Topics

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I just received the agenda for the upcoming #CampusChat discussions. If you’re a parent of a college-bound teen (or even a parent of a college student), mark your calendars for some great information and some eye-opening realizations about college preparation.

#CampusChat is hosted by Kelly @collegevisit who is the founder of SmartCollegeVisit.com. She works hard to find guests that are timely and helpful in the college search process, and especially helpful for parents.

Here is a list of upcoming guests and topics (Wednesdays at 9PM EST):

11/3 – Carol Christen – “What Color is Your Parachute for Teens”

11/10 – Jeannie Borin – http://www.college-connections.com/

11/17 – Harlan Cohen – The Happiest Kid on Campus: A Parent’s Guide to the Very Best College Experience (for You and Your Child)

11/24 -Thanksgiving break-Happy Turkey Day!

12/01 – Tim Gasper, social media guru for Marquette University

12/08 – Maureen Tillman – http://www.collegewithconfidence.com/ (also writes for a regional NY Times news outlet)

college guidance, college planning, parenting

Should everyone go to college?

2 Comments

 

I read an article recently in The Atlantic: “In the Basement of the Ivory Tower“, that gave me some food for thought. It’s been on my mind for quite awhile, especially since I have a close friend who is a financial aid counselor at one of those infamous “for profit” colleges.

She would answer my leading question with a loud and emphatic, “NO”, based on her experience dealing with those who are not prepared to attend college and don’t understand the consequences of borrowing money that they can’t pay back. They have been convinced that without a college education, they can’t get a job or pursue a career. They’ve been told by someone that it doesn’t matter how much money you borrow as long as you get that degree. Once you get that degree you can earn enough money to pay back what you’ve borrowed. But we all know that’s not often the case.

In the above mentioned article, the English professor makes an interesting point:

America, ever-idealistic, seems wary of the vocational-education track. We are not comfortable limiting anyone’s options. Telling someone that college is not for him seems harsh and classist and British, as though we were sentencing him to a life in the coal mines. I sympathize with this stance; I subscribe to the American ideal.

Sending everyone under the sun to college is a noble initiative. Academia is all for it, naturally. Industry is all for it; some companies even help with tuition costs. Government is all for it; the truly needy have lots of opportunities for financial aid. The media applauds it—try to imagine someone speaking out against the idea. To oppose such a scheme of inclusion would be positively churlish.

I’ve come to realize that Americans truly are snobs. We brag about what we have and what we have obtained. Like it or not, we are a classist society. We snub our noses at those who haven’t been to college and brag heavily about our numerous degrees as if they are badges of honor. And while graduating from college is an accomplishment, so is learning a trade.

Often, we push our kids to attend college when we know it’s not for them. Why? Because we are a society that measures success by the number of degrees hanging on a wall or the dollar signs that can be found on our bank accounts. It is noble to dream big and education is always a noble goal. But so is being a plumber, a carpenter, a cosmetologist or a civil servant like a police officer or fireman.

What’s my point? My point is that you need to know your child. If they want to go to college and have the skills and knowledge they need to be successful there, then encourage them to go. But if they aren’t interested or motivated, save yourself some heartache, disappointment and money by letting them pursue a trade. There are so many fabulous careers out there that they can do without higher education. You will be happier, they will be happier and they will fill an important role in society. College really isn’t for everyone.

admissions, college guidance, college planning, parenting

Narrowing College Searches

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What college do you want to go to?— one of the most stressful conversation topics you and your child will ever have. While you want your child to stay close to home, they want to get as far away as possible. While you want your child to attend a 4-year public college because it’s cheaper, your child wants to enroll in a costly private university.

Much like choosing a wife or husband, your child’s school-of-choice will ultimately have long term effects. And, like when selecting a spouse, your child not only wants for it to be a perfect match, but secretly seeks for your approval. In the end your child will pick a school that he or she feels is best suited for them, but you can play an important role in the decision process –helping your child pick a school that’ll make the both of you content.  There are more than 7,000 higher education institutions in the U.S. and filtering through all the choices can be hectic. Here are some questions to discuss with your child to narrow down the options in the hopes of finding the perfect college for your child.

  1. While your child doesn’t initially need to know exactly what they want to major in, looking into their interest is a good start. Does your child enjoy art? Writing? Technology? Are they more focused on developing technical skills?
  2. What schools are tailored to meet your child’s needs and interests?
  3. What specific programs and sequences are offered at the school?
  4. Does your child want to attend a college that is close to home or out-of-state?
  5. What type of school would your child prefer? A small intimate college or a large university? Do they prefer a public or private school?
  6. Do they prefer to attend a school with a particular religious affiliation?
  7. Is the institution accredited and by which agency?
  8. What is the student/teacher ratio?
  9. Is it coed or single sex school?
  10. Is your child interested in online courses? Does the school offer them?
  11. Does your child want to participate in a specific extracurricular activity or sport? Which ones? And does the school offer these options?
  12. What kind of living arrangements would your child prefer? Does the school offer on campus and off campus housing? Would your child rather walk to class or drive?
  13. What’s the cost of tuition? This includes room and board, textbooks and miscellaneous expenses.
  14. Does the school offer financial aid or scholarships to help cover these costs?
  15. What else is important to you and your child? Does the school meet these additional concerns?

While most school Web sites, brochures and admission officers will answer most of your questions regarding the institution, College Navigator is also another good source to scour different colleges around the country.

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This guest post is contributed by Olivia Coleman, who writes on the topics related to online colleges and universities.  She welcomes your comments at her email Id: olivia.coleman33@gmail.com.

college costs, college planning, parenting, Uncategorized

That all-important "money talk"

money talk
Image by StockSnap from Pixabay

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 dur thing the summers and saving (Note: just make sure they put those savin

According to a recent article in the Sacramento Bee 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.

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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