• Show him the math—Although you shouldn’t try to make your child feel guilty about going to college, it is very healthy for him to understand the cost and the sacrifices being made. This will both motivate him in the financial aid process, as well as serve as a reminder to keep costs under control.

• Have him research—Introduce your student to one of the many scholarship databases or books (start with Appendix E in this book), and require him to begin identifying scholarships and grants for which he might qualify.

• Have him prepare two essays per week—Because most scholarships will require some type of essay from a student, commit him to preparing two essays a week that you can submit on his behalf (you do the proofreading, assemble the required documents, and mail it). Because many scholarship essays ask similar questions, your student will be able to reuse portions of essays for future applications, greatly cutting down on time.

• Have him track the results—Whether you create a fancy spreadsheet or simply track your scholarship submissions on a chart hanging on your fridge, have your student track the awards and denials.

• FAFSA applications—There is no reason to pay someone to complete your Free Application for Federal Student Aid (FAFSA) for you. Although it can look intimidating, the required information is straightforward and requires straightforward answers. Any information you’re unsure of can be found by calling your accountant or reading the tutorials and FAQs available online.

• Scholarship applications—To a large degree, scholarships are a numbers game. Although you do need a polished scholarship essay, the reality is that the more applications you send out, the more likely you are to get an award. No hidden scholarships or application tricks exist that will magically put thousands in your pocket. Give yourself a scholarship, by keeping the $500 to $1,000 you’d pay one of these consultants in your pocket and spending it on your college education.

• Investments and investment advice—My general rule is that your investments and investment advice shouldn’t cost you more than 1.5 percent of your assets’ value each year. However, with college savings that will be used in a matter of months or years that is only a few years away, your need for advice is virtually nonexistent. Because you’re simply comparing interest rates on different fixed-income securities, you can get all the advice you need from your accountant or tax preparer on which type of account to use for tax purposes. Aside from that, don’t waste the precious little interest you’re earning by paying someone to advise you on something that is straightforward.

• Go to a lower-cost school—If the four-year college of your choice feels financially out of reach, think about a lower-priced four-year college in your local area, especially a state college. For added peace of mind, calculate the return on degree and return on major (which I talk about in Chapter 21) for that school. Chances are that the difference between that school and your dream school will be relatively small.

• Take out loans—Because the vast majority of people interested in going to college in the United States can get student loans (even if they earn a good amount of money), this should always be one of your top back-up plans. Of course, the idea of saddling yourself with thousands of dollars of student loan debt might not sound like fun and you might want to opt for a different fallback option. To fully understand the ramifications of taking out student loans, be sure to visit the Department of Education’s Loan Repayment Calculator at www.ed.gov/DirectLoan/calc.html.

• Go to community college—Another attractive option, something that some savvy parents and students don’t save for their backup plan, is attending a community college. Doing so allows you to earn a two-year associate’s degree, as well as allowing you to later transfer to a four-year college for your remaining two years. All this allows you to work on your education at a much lower cost, simultaneously saving up funds for the final few years of your degree. (I talk more about community college in Chapter 21.)

• Put off college for a few years—The average age of college students in the United States has climbed substantially. This is the result of more and more young adults waiting a few years until attending college, as well as older adults returning to earn their degrees. Similar to attending community college, this allows someone to work, gain valuable experience, and save up funds to pay for a college degree.

• Attend college part time—One of the wisest decisions I ever made was earning my first Master’s degree on a part-time basis. Doing so not only allowed me to continue to work and maintain the sanity of my family, but also allowed me to immediately apply what I was learning in my job. In hindsight, this proved to be a huge advantage over many of my peers who had to wait two or three years until graduation to apply what they were learning, if they could remember it at all.

• Join the military—Although many people have mixed feelings about the military, one thing is for sure: it’s a great way to pay for college. Remember, in addition to being on the front lines, there are countless support and tactical roles that cater to people who wish to serve in other capacities. (See Chapter 15 for more about this option.)