HIMPower Magazine HimPower December 2017 | Page 18

and certainly if your 17-year-old is flipping
burgers, he or she could start putting some
money away for college. That's a sugges-
tion from George Walter, vice president
for enrollment services at La Salle Univer-
sity in Philadelphia. Walter acknowledges
that it isn't always feasible, but he suggests
students break up their paychecks into three
portions.
"Weekly expenses, short-term goals
and long-term expenses, including college,"
he says. "This approach will help in both
budgeting and establishing a good prac-
tice that will help the student prioritize
and prepare them to manage income and
expenses throughout their lives. Even in
the summer between graduation and first
semester in college, this practice can result
in a student saving enough to pay for their
books and supplies for the first year."
IF YOU CAN'T RAISE ENOUGH MONEY,
LOWER THE COSTS
In other words, if your spending
capacity is limited, try to reduce the amount
of money your child will need for college.
This is obviously where scholarships
can come in, but there are other strate-
gies you can enlist, too. Shakeela Hunter,
director of the Student Money Manage-
ment Center at the University of Texas at
Arlington, rattles off a couple of sugges-
tions: "See if your student’s high school
offers dual credit and/or [advanced place-
ment] courses, which count as college credit
hours. Choose a community college that
offers tuition at a lower cost that your child
18  HimPower December 2017
can attend, and then transfer those credits to
the university of their choice."
It will also help if your child knows
what he or she wants to study. "On average,
it's been taking students almost six years
to graduate," says Jack Schacht, president
of My College Planning Team, a company
based in Wheaton, Illinois, that helps
parents navigate the challenges of helping
kids apply to and fund college.
SECONDARY SOURCES OF FUNDING
Other funding sources include public
and private grants and scholarships. Many
military organizations offer grants of
varying amounts that are available to other
then military families. Your local 4-H Clubs
also offer scholarships.
Several states offer free in-state tuition
for students with better than average
grades. Companies such as Upromise, allow
you to earn college monies by registering
your debit and credit cards and making
purchases at participating merchants that
you are probably already frequenting. There
are many national companies that partici-
pate with Upromise.
So if you can help your child figure out
what he or she wants to do with their life
early on, this may help bring down college
costs if he or she finds the right major and
career path. The four-year plan is a lot
cheaper than five, six or more. 
Robert Rhinesmith is a Registered Investment
Advisor, Applewood Capital Management Asso-
ciates, LLC.