I Love My Kids, But I Never Got Around To Saving For Their College – Now They Are In High School

I always thought about starting a college fund. I even set up a small savings account when they were born. Now they are in high school, time is running out and I am starting to panic. What can I do? Where should I start? Are they going to hate me? I really wish I had started earlier.

Get Started: As their guidance counselors, teachers and friends are helping them evaluate their strengths and weaknesses in an effort to narrow down their career options, you need to take action now if they are going to make it to college. Here is how to begin.

Relax: Your first step is to take a deep breath and realize that you are starting late. You can’t change the past, but you can take positive action to change the future. The fact that you are reading this article tells me that you are ready to make an effort to help your children as much as possible. It will take some time and effort on your part, but you WILL make progress one step at a time.

Follow These Steps: The following steps will get you started on a nice structured path. You will start a journey that will take you from where you are now, through to the college graduation of your youngest child. It will not be easy or without some sacrifices, but if you do it right, it will be fun and your children will appreciate your efforts.

Step 1 – Family Net Worth: Prepare a current Net Worth Statement so you can see where you stand right now. This is a financial snap shot that will show your assets and liabilities as of today. (You can find a free one-page net worth statement on our site listed at the end of this article – forms section – or by searching the internet.) Once you know where you are today, every positive step you take will improve your net worth and help your efforts to send your children to college.

Step 2 – Maximize Income: Now that your children are all in school, consider maximizing your earning and saving potential. If one spouse was the primary care giver for the children, maybe they were working part-time or not working outside the house. Consider having both spouses work full-time to add extra income into the family budget. These increased earnings can be directed specifically into college savings, but make sure you put them in the right type of accounts.

Step 3 – Talk To Your Kids: Discuss college and financial aid with your children now. Review the costs associated with community colleges, state universities and private colleges. Let them know that you may be late to the game, but you are trying to help them as much as you possibly can. Depending on your family size, income and assets, you can get an estimate of your expected family contributions by using one of the online EFC calculators. Once you and your children are aware of these estimates, you can begin looking into your best college alternatives.

Step 4 – Let Them Help: Finally, encourage and help your children to become more “Financial Aid Worthy” students. By doing the right things while they are in high school and positioning your assets properly, you can help them by qualifying for more financial aid and learning how to further reduce college costs.

Keep Moving Forward: The most important point to remember is that even small steps will help, so if hitting a college financial “Home Run” isn’t possible, a solid single or even a bunt will help your cause. Every little bit helps and if you keep moving forward in your efforts to narrow the college funding gap, your children will see your efforts and be that much better off.

In Summary: Don’t beat yourself up. You are in the same boat as plenty of other American families. Your kids won’t hate you, but taking the first steps now will help substantially. Talk with your children and give them realistic expectations about what you can and can’t do to help. Remember – Where there is a will… there is a way.

With the many options for college, students need to evaluate their own situation and decide which path is right for them. It will be easier if they know all the relevant details. They might surprise you, so encourage them and help them to make good decisions.

To discover very specific ways to maximize your financial aid and reduce college costs, I have prepared a FREE College Cost Savings Kit which you can download by Clicking Here.

Please consider printing this article and sharing it with a friend. Many parents are in the same situation as you are. By paying it forward, you could help them save a lot of headaches and plenty of money too.

Why We Must Teach Financial Literacy In School

Few parents of students in grade school, high school or college would disagree if you said; we need to teach basic economics and financial literacy as mandatory parts of our education system, and yet, we don’t? Why – well, that was the question recently put forth at our think tank. What might we teach the kids?

How about how to balance a checkbook, how to calculate simple interest and amortization, and how about personal budgeting and credit card debt issues? How about the tradeoffs of student loans for college tuition – whoops? Is that one taboo – sorry, but why not, why should anything be off-limits. Let’s talk shall we.

You see, one think tank type agreed with me stating that he liked the principle and was amazed it wasn’t already part of the curriculum. Of course, he also told me that my ideas of ‘balancing a checkbook’ were a little archaic stating; “Seriously? How many people still use checks – haven’t written one this decade.”

Okay, I concede that point, still the principles of looking at a bank statement are of value. Interestingly enough, I’ve only written a handful of checks this year myself come to think of it.

Another couple of points – in the USA we see 1.3 Trillion Dollars in outstanding tuition debt – 40% over 90-days in the rears, most of those students will default eventually, worse either way they are economically enslaved as that debt cannot be discharged by bankruptcy, at least not yet, Democrats want to forgive and eventually give free college tuition, still those loans were taken out unwisely.

Another challenge Auto Loans, zero interest, zero payments until next year and loans to those who have very substandard credit, that’s another sign of bad decision making. What if those folks had better knowledge about interest, loans, and money?

When people took out ARM Home Loans during the run-up to the 2008 financial crisis, many said they didn’t understand what they were signing. Maybe they did, but used that as an excuse, either way, they should have known what they were signing and getting themselves into.

Why are we in such a hurry to economically enslave the next generation with debt? They get out of college and cannot buy a car, start a business, or buy a home, how does that help our economy moving forward? Something is amiss, and it is something that we can fix by simply teaching financial literacy, which is just as important for success in life as math, science, reading and writing. Please consider this.

How To Get Dental School Grants

Dental School Grants

Many children know from a young age what it is that they want to become in life. They are able to choose their profession at an early age if parents are encouraging enough and know how to direct them without pushing them from one side to another.

There are many children in this world who do not have the opportunity to grow up in a financially stable environment, which is why it sometimes might seem hard for them to follow their dream and apply to a college, as all of them ask for a consistent financial support.

Dental School is a big part of the Medical School and both of them usually require a lot of money. Being a dental practitioner is one expensive dream, but once it has been realized, the fruits of success exceed by far all the financial stumbling and compromises that might have been done along the way.

General facts about Dental School

There are two major directions in every dental school: dental hygiene school and the school of dentistry. Those who attend the dental hygiene school will obtain a license as soon as they graduate. Those who choose to go to the school of dentistry are more likely to become dental surgeons and specialists, but their training process is a bit more complex as compared to the previous set of students. They have to complete an undergraduate degree in a major that is oriented more towards science. Then, in order to continue with their dental education, they need to look and apply to a specialized school of dentistry.

Financial Aid

Since dental hygienists can complete their professional preparation as undergraduates, it is a lot easier for them to find grants and scholarships that will secure their entire educational period. On the other hand, those who apply for the school of dentistry will have a harder time in finding financial aid, as they will be enrolled as post-graduates, thus competing for smaller funding resources.

Most of the times, in order to sustain their education, students will search for grants and scholarships that bear the name of gift aid. The money they get cannot be returned and they can use it however they wish in their educational process.

This money will come from private sources, such as different organizations, estates or individuals or from public sources which are known to be funded by taxes.

How to get Financial Aid

The first thing you need to do is to go through a thorough research process. The sum of money a student can get depends on his family’s contribution or how much money he can provide for this purpose. Before applying for a financial aid, all colleges require their potential students to fill out the form called the Free Application for Federal Student Aid or the FAFSA. The information placed in this document will give the government a concrete image related to the amount of money the family is able to contribute to the education of the student, without causing a financial chaos that would lead to a tremendous financial burden.

The students who are able to pay most of their education are not considered to be appropriate for receiving this aid. Moreover, every grant has its own rules and conditions students need to meet in order to be considered eligible.

Then, there are also the merit based grants which are given to students for their excellent academic results. Just like the other type of grants, this one does not need any repayment to be made. The number for this type of grants is limited, so the competition can be quite heated.