Question:
I am currently 13 years old. I am moderately intelligent and maintain approx. a 3.5 gpa and am in advanced placement classes. I was wondering if anyone had any ideas about steps I could take to start preparing for the huge financial burden that will be presented before me when I get ready to attend college in approx. 4-5 years. My parents have already disclosed to me that they absolutely refuse to help me with any of the financial burdens college will impose. I was wondering if there were any financially literate people out there that could provide some type of investment strategy or something similar to give me more insight. I plan on getting a job in a couple of months. I estimate I will probably make somewhere around 3,000 a year. I am just afraid that when it comes time to start applying for college I will not be prepared to face the money situation. I fear having to go thousands of dollars in debt from student loans. PLEASE help.
Answer:
First, get your grades higher (That increases your chances of getting at least a partial scholarship)
Second, save your entire paycheck
Third, work the entire summer
Open a brokerage account at ameritrade.com
Drop me a line to help you with your investments.
Well one option if finances are limited is to get a job at the college or university you plan to attend when you graduate high school.
Most (probably all) reimburse 100% of their tuition for full-time employees.
Benefit - absolutely free college education, with no loans to pay back, and some work history for the resume.
Disadvantage - you probably won't be reimbursed for a full course load (probably only 9-15 credits a semester) so it could take a bit longer than if you go full time. But since you will be working, you might be able to afford paying for the additional credits on your own.
Maybe you could plan to attend a nearby college to keep your current housing, or you could put your savings into rent if you move to an out-of-state college to work/study.
Best of luck!
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