How Can I Afford to Send My Teenager to College?

Unless you've been saving since the day your child was born, you have concerns, like most parents, about paying for college. Even if you've been a diligent saver, recent economic realities may have changed your best-laid plans.

For some students and parents, taking on debt for college is viewed as an investment for the future. For others, debt is something to be avoided at all costs.

Finding the right balance is the key. Don't assume your child cannot attend college because you don't have enough money. Rather, assume your teenager can attend college with a creative mixture of resources and a generous helping of supportive people in his or her life.

Help your teen assess his or her interests and abilities. Can he or she qualify for a scholarship? Start early, think creatively and consider all possibilities. Your pre-teen or teenager should be actively involved in the process. Get to know your teenager's counselor; you want an experienced guide.

Academic and sports scholarships are not the only tickets to college. Consider the following types of scholarships and aid: local endowments; need-based, merit-based, and cultural/heritage funds; Rotary and other service group scholarships; retail store scholarships . . . and that's just the beginning. Aside from the time involved, your teenager has nothing to lose by applying for scholarships for which he or she is qualified — no matter how large or small the amount — and everything to gain. Free money trumps a loan any day of the week.

Arm yourself with knowledge long before your teenager begins applying for college. Check out these ACT resources:

• The Cost of Education
• Working and Savings
• Avoiding Scams
• Don't Believe College Financial Aid Myths
• Financial Aid Questions to Ask Colleges

Finally, don't rule out excellent state schools in the college selection process. Your teenager can also attend a 2-year community college and then transfer to a university for the final two years to receive his or her diploma. A good education is what matters, not the name of the institution.

How Do Colleges Use ACT Scores?

ACT scores are one of the tools universities use when selecting students for admission. But they also use score reports for other purposes, such as course placement and student guidance. Here are five examples of ways universities use score reports:

1. Admissions. ACT test results — along with high school grades, academic preparation, and extracurricular activities — help college admission officers identify which students will thrive at their institution. Scores alone do not determine admission.
2. Course placement. ACT scores, academic background, and high school grades are used together to determine which college sections would be most appropriate for your teenager.
3. Academic advising. College advisors look at ACT results, high school grades and classes, projected college grades, employment plans, and other factors to help your child find the perfect fit for his or her course of study.
4. Scholarships and loans. Some scholarships may use ACT scores and estimated grades to identify qualified candidates. ACT's unique score report also provides information about your teen's educational needs, extracurricular achievements, and educational plans. Joined with other data, agencies can evaluate applications for both scholarships and loans.
5. ACT Writing Test. If your teenager takes this optional test, any college that receives his or her scores will also receive writing scores and comments, along with subject area scores and a composite score. Colleges may review your teen's essay to help them make admissions or course placement decisions.

What is the PLAN Assessment and How Will It Help My Son or Daughter?

If you want your teenager to prepare for the ACT, PLAN is a great way to do just that. And students who take PLAN tend to score higher on the ACT. There's no need to take expensive prep classes. Your 10th grader can take PLAN, review the results, and map out the rest of his or her high school career.

Check with your son's or daughter's guidance counselor to see if the PLAN assessment is offered at his or her school. In the meantime, read ACT's Frequently Asked Questions About PLAN on our website. You can also watch a short video about our EXPLORE^® and PLAN solutions for your children.

In next month's edition:

• Back-to-School Strategies: Pump Up the Energy
• Making the Most Out of Junior High
• Why Math Matters

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See also:

ACT's Information for Parents

The ACT

PLAN

EXPLORE

Financial Aid

College Search

Careers