EXPERTS LANE n FINANCIAL LITERACY
The Education Money Tree
By Professor Laura Dorsey
M
alcom X said, “Education is the
passport to the future, for to-
morrow belongs to those who
prepare for it today”. Educa-
tion is the foundation of progress in most
societies. If you do not think so, the recent
news regarding the college admissions
bribery scandal will jolt you back into re-
ality. Parents of college applicants are ac-
cused of paying more than $25 million to
fraudulently inflate students test scores
and to bribe college officials. If Nelson
Mandela is correct (and we have no reason
to doubt him) and education is the most
powerful weapon which you can use to
change the world, where does that leave
most parents with children. What happens
when parents do not have millions of dol-
lars to shell out to ensure that their child
can get into the most prestigious and elite
colleges and universities? I am glad that
you asked because this article will answer
that question and many more regarding
financing higher education for your chil-
dren. with the child’s teachers and counselors
so they can keep you aware of your
child’s progress. Keep an eye on grades
and if tutoring is necessary check the
school for resources. Browse Parent
Power at https://www2.ed.gov/parents/
academic/help/parentpower/booklet.
pdf for ideas to help support your child
as he or she transitions into high
school. • 12th Grade – Have your student create
a username and password and com-
plete the FASFA. Have them register
and take the SAT or ACT as soon as pos-
sible so that they have the opportunity
to apply for early college admissions
• High School – Continue to discuss higher
education with your student. Monitor
and insist on good study habits.
Encourage your child to take Advanced
Placement courses. As parents, there are things that you can
do to get you and your student on the
road to The Education Money Tree: • 10th Grade – Meet with counselors or
mentors to discuss colleges and their
admission requirements. Have your
student work, volunteer or take a
summer course. Research majors and
colleges that might be a good match
with the results of the career search by
using https://collegescorecard.ed.gov/.
Plan on attending your child’s school’s
college night. Learn about standardized
tests at https://www.collegeboard.org/
or http://www.act.org/ and how or why
to take them early. Education is the key to the future. Educat-
ed people have higher wages and lower
unemployment rates. So how do we lev-
el the playing field so that minority and
low-income students have the same ad-
vantages as others. The answer is The
Education Money Tree. The Federal Gov-
ernment has over $2.9 billion (yes that is
with a ‘b’) in free grant money, that does
not have to be paid back, that goes unused
every year. That is free money that is just
hanging out there on the money tree. And
that is not all that is on the money tree,
there are millions of dollars in scholar-
ships. Scholarships also do not need to be
repaid. There are thousands of them, of-
fered by schools, employers, individuals,
private companies, nonprofits, commu-
nities, religious groups, and professional
and social organizations. Like your child,
you must do your homework to find The
Education Money Tree.
• Start Early – When your child is in
elementary school help your child
develop an interest in reading. As
much as possible be involved in your
child’s homework and progress by
diligently looking at report cards and
progress reports. Attend parent teacher
conferences. Learn about tax advantag-
es of state-offered college savings plans
and other tax advantages
•
6
Junior High & Middle School – Help
your child create good study habits
such as studying on a schedule at the
same time each day. Stay connected
IBA Success Magazine
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VOL 5, Issue 2
• 9th Grade – Encourage your student
to use the career search at https://
studentaid.ed.gov/sa/prepare-for-
college/students/career-search
to search career options. Consider
participating in academic enrichment
programs, summer workshops and
camps with specialty focuses.
• 11th grade – Attend college fairs with
your student. Have your student take
the PSAT/NMSQT related to the National
Merit Scholarship Program. Register
and take exams for college admission.
• Go to www.irs.gov and read IRS Publi-
cation 970 to benefit from federal in-
come tax credits
Information
provided by Laura
Dorsey, S E Regional
Vice President of
the Infinite Scholars
Program and the Office of the U.S. Department of
Education. For more info visit infinitescholar.org.