The Perez family, an example of a family aspiring for a better life for their kids, has been rewarded for the effort they have made to strategically plan for higher education for their kids. The day their kids were born, they opened a Coverdell savings account, in which they religiously put $50 a month.
Seventeen years later, their eldest son has more than $33,000 in savings to cover his college costs. For math lovers, you only have to calculate the future value of $50 per month by seventeen years, with a 12 percent increase, the average of stock earnings from that period.
This amount will cover almost 50 percent of the costs for their son to go to a four-year college. The family knew in advance that this would be the final goal, which is why they encouraged their kids to participate in a charity organization that offers free services to people with disabilities. Every Saturday, the kids helped in the administration and distribution of aid for these people. Besides this, the eldest son likes to play soccer, and is among the best players at his high school. These extracurricular activities have given them greater opportunities to choose their favorite college, and to be able to apply for private grants, which has rewarded their efforts to remain involved in their community and athletic activities.
It’s important to keep in mind that the best schools emphasize involvement in extracurricular activities, and this isn’t just rewarded with admission, but also with the possibility to receive grants and scholarships from that college.
The eldest child of the Perez family wants to go to law school. His high school, like many schools in this country, offers advanced courses focused on specific college majors. In this case, the son took basic law classes, which also will help him apply for an internship or part-time job as a legal assistant while he’s in college. This allows him to supplement his savings and financial aid with the money he earns from the job. Not to mention, the experience gained from working in a professional environment will help him throughout life. What’s more – it’s possible that his part-time job could turn into the first professional job for this lawyer-to-be.
Finally, the Perez family asked for information during high school to identify all opportunities for scholarships and grants, and to know best how to take the maximum advantage of financial aid. This helped them so that the loans and subsidies from the government will be appropriate and cover all cost that they can’t finance, despite their financial preparation.