Other Ways to Maximize College Savings
The most important, and, incidentally, least expensive, way for you to help prepare your child for college is to stress the importance of your child's excelling academically, athletically, or in other activities she enjoys (all of which will help her win scholarships and grants). Encourage your child's development, teach her that college will help her achieve whatever she desires, and cultivate the idea of college as a necessary rite of passage to adulthood.
If you do this, she may become motivated to work harder in high school, to work harder to help raise funds for her college education, and to make sacrifices that will allow you to channel additional money into her funds.
You can also encourage your children to become proactive in funding college by encouraging contributions such as the following:
They could take summer jobs and deposit 50 to 75 percent of their earnings into their college fund.
They could go to a state college. If they want to attend a state college in another state, they could move to that state and attend junior college there for two years before transferring to the preferred state college.
They could attend a community college for two years before transferring to the college of their choice.
They could adjust their expectations and attend a college that allows them to live at home or with relatives.
They could work part-time while attending college.
They could participate in work-study programs while attending college.
If you cannot adequately fund college savings plans, make sure your child's father contributes at least as much as you do. Devote at least a small percentage of child support to fund the account, and ask your family to donate 20 to 25 percent or more of what they would spend on gifts for the children to their college funds.
It's also completely reasonable to reward your children with deposits into their account every time they bring home a good report card, or to offer to match whatever savings they are willing to contribute. These days it takes commitment and discipline to save enough to send your children to college. Consider it a noble sacrifice, research your options, and be inventive.
