How-to Guides

Most articles about University planning focus on advice for parents or other adults who expect to pay the cost for a younger person's education. But what about the beneficiary who plans to attend?

Although most young people don't have the assets for higher education savings that their elders do, being part of the planning process can be educational, offering financial lessons for the future. Children can earn money, learn about sources of financial aid, research potential schools, and take other steps that may relieve their parents of some of the responsibility of planning. In addition, some experts believe that if children are actively involved in planning for their future, they may be more committed when entering University or College and ultimately have a more successful experience than they would have otherwise.
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According to the U.S. Department of Education, the best time to introduce children to college planning is when they are in the sixth, seventh, or eighth grade, depending on the maturity of the child. You may want to initiate discussions about University and explain the importance of developing good study habits and getting involved in extracurricular activities -- to instill the idea that your family supports higher education.

You may also want to encourage your children to begin thinking about the career they would like to pursue, which is likely to influence their choice of school, as well as to establish a savings account that could be earmarked for education expenses. In addition, you can teach basic lessons about compounding, investing, and other money management issues.

When students are in the latter part of elementary school, they can also start planning to make the most of high school experiences with an eye toward higher education. Remind your budding scholar that success in high school depends on skills and attitudes that are developed in elementary. For example, time management skills developed in grade seven may eventually help a high school student manage schoolwork, a job, sports, and other interests. And when the time comes to pick classes for the first year of high school, a good mix of University prep courses may be important.
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Many high school students are mature enough to plan for University at a deeper level. Appropriate planning may include the following:

Matching personal aptitudes with vocational interests -- High school guidance counselors can help students learn about careers that utilize skills in math, science, language arts, social studies, and other areas of interest, as well as postsecondary courses of study in these areas.

Maintaining high academic standards -- Universities prefer applicants that have exceeded basic requirements and taken more challenging courses in language arts, math, science, social studies, foreign languages, and other areas.

Learning about University costs -- Students may gain a deeper appreciation of their family's financial sacrifices when they realize how expensive higher education is. They can start to learn about University costs through their high school guidance office.

Researching scholarships -- There are numerous Web sites with information about sources of financial aid. Also, local libraries and high school guidance offices may have information about province-sponsored aid programs and scholarships sponsored by local organizations.

Earning money -- High school students can set aside a portion of their wages from part-time or summer jobs for higher education expenses. Also, students may be able to obtain jobs that build on career interests as a way of solidifying their future plans.

Getting organized -- College planning encompasses numerous details, including visiting institutions that a student may want to attend, applying for financial aid, obtaining transcripts and meeting deadlines. A high school student can take responsibility for making sure that important matters are tended to ahead of time. For example, if a student has a school vacation coming up, he or she could help organize a family trip to visit Universities of interest or spend some time completing college applications.

You and your prospective student may be able to think of more ideas that could add value to your family's efforts to save for a higher education. Getting your budding scholar involved in the process -- financially and otherwise -- could ultimately be a pivotal lesson in responsibility that impacts his or her later success in life.
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