Top ways to trim college costs

By Joseph Hurley, CPA

Dear College Money Guru,

I’m only 15 years old, but after watching my parents put my sister through college, I realize they’re going to need help. Since I don’t have a college fund, how can I save or put away money strictly for college?
– Tori

Dear Tori,

It’s wonderful (but, alas, not too common) that you are thinking ahead and looking to save for college. Many parents struggle to afford college for their children, and your folks will appreciate anything you do to help.

The most effective way to help your parents is to make colleges want you as their student. That means taking on a challenging high school curriculum, achieving high grades, scoring well on standardized tests, such as the SAT and ACT, and becoming a leader outside the classroom in one or more activities for which you demonstrate a passion.

Those activities can involve music, sports, volunteerism, politics, international travel and just about anything else that will make your college application stand out.

Most of the Ivy League schools have recently revised their aid policies and are spending more of their endowments to make college affordable for moderate-income families.

For example, if Harvard accepts you for admission, and your family income is below $180,000, your annual cost at that school will be capped at 10 percent of your family income. And Harvard is just one example.

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~Sandy G.