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Saving for college with Liz’s Mom

Earn an "A" for planning ahead

[January 4, 2011]

Elisabeth Hooker, STCU education outreach officer

On the day of my high school graduation, I locked myself in my room.

I was young, selfish, and scared. Graduation meant leaving my family, friends, and school. I was going to college, a terrifying 72 miles away.

It never occurred to me that maybe my parents were scared, too.
 
Parents worry about balancing the checkbook. That's why they should get involved with college applications, loans, and scholarships.

My parents, both teachers, were the first in their families to attend college. Mom knew the cost of education and started planning for my brother and me early on.

Tuition has increased a lot since I graduated, so planning ahead is more important than ever. Here's what Mom did:

• She planned long term: Eighteen years of savings and interest can compound nicely. It may not be enough to pay for an entire education, but it will reduce loans. Certificates of deposit, bonds, and well-researched stocks were all purchased in my name before I started to crawl.
• She made sacrifices: Education was first priority. Sometimes that meant fewer presents at Christmas and less than name-brand clothing. My parents perfected the "Staycation" before anyone coined the term.
• She held me to a high standard: I was expected to earn good grades and give back to my community, and those led to future opportunities.
• She expected me to do my part: The money my family had saved was for my education. Any cost unrelated to learning was my responsibility.
• She was honest about my options: Because the entire family shared in the sacrifice, we also shared in the decision-making process. My parents made sure that I knew the cost and benefit of attending a 4-year state university versus private school or community college. Ultimately the decision was mine, because I was responsible for costs that Mom and Dad couldn’t cover.

The high school-to-college transition is tough for everyone – parents and teens. Step one is coming out of the bedroom and going to graduation.