There is no doubt that a college education is a key ingredient in future success – although these days many traditional trade apprenticeships seem to pay more in starting income than a bachelor’s degree. It’s harder to find a skilled plumber or electrician than a liberal arts grad driving an Uber.

The cost – and value—of an education over the long run is something parents should start thinking about when their children are in high school. Sophomore year is not too soon to start planning for college applications, acceptance, and financing.
Done correctly, a college education will pay dividends over the long run. But done blindly, a college education can become a lifelong burden – as many have already realized. There’s a huge incentive to doing your homework for yourself and your children, right from the start.

Finding Advice
Almost every high school has a “guidance officer’ dedicated to helping kids who demonstrate a desire to go to college to find a way. But those people are often overworked and under resourced. It’s also important for your child to create a relationship with a teacher they admire, because this is the person who can write a critical letter of recommendation.

There are also private – and expensive – college counselors who will advise your family and child on everything from choosing schools where they will fit to writing essays for their applications to which tests should be taken, and how to prepare for them. Eva Dobbs of RootCollegeAdvising.com says it’s important to start this process in the junior year of high school.

Speaking of tests, the most immediate issue on the horizon for 11th (and also 10th graders) is the PSAT test, given during October. It can qualify them for National Merit Scholarships. Taking the test is good practice, and may lead you to improve your scores through a variety of testing help sites like PrepExpert.com.

And seniors will want to register for the SAT test at www.CollegeBoard.org. While not all schools require SATs, many private scholarships do want to see those numbers. Taking the test in fall, allows time to learn the procedures and re-take the test again later to earn a higher score.

Finding Money
Parents have a tough time saving enough for college. According to the latest survey by SavingforCollege.com, about 5% of families had no savings. Of those that had, just over 30% had saved $10,000 or less, 25% had saved between $10,000 and $30,000, and about 40% had saved more than $30,000.

529 College Savings Plans now have a total asset value of over $450 billion, with an average 529 account balance of $27,741. But there is plenty of help for those whose families couldn’t afford to save.

The basic starting point for those who are entering this challenge is www.FinAid.org. This website gives helpful and unbiased advice about everything from free Federal money (such as Pell Grants available to low-income families) to the rules for both Federal and private student loan programs.

Your next stop – as early as sophomore year – should be Scholarships.com (or several other websites) that will match you with free money. Many of these larger scholarships require some community service as well as essays. So, the planning should start early as your high schooler participates in clubs and activities.

Finding Value, Choosing Schools
Finally, it’s time to take a new approach to choosing colleges to apply. Instead of sorting schools into prestige “reach” schools and “safe” schools to which you are likely to be accepted, take a look at a different metric: Value for Your Money.
That’s the ranking developed in a nationwide survey by WashingtonMonthly.com. They have just released their 2024 “Best Bang for the Buck” ranking of colleges and universities. The rankings are based on “The schools where students of modest means get the most for their money.”

The free survey results online at the website measure the available tuition assistance as part of their calculations. Washington Monthly grades a long list of schools based on real costs for lower-income families, graduation rates, and median earnings 9 years after entering college. The results are divided into geographic areas – a roadmap for those seeking to attend a worthwhile college near home – or far away.

Sure, many prestigious schools have large endowments, and can offer significant financial aid to low and middle income families. Their degrees have a high earning power. But other, smaller schools may cost less and give even better financial results with less debt burden. It’s worth checking the list. You’ll want to avoid those at the bottom of the list – the worst bang for the buck.

Families of high school students need to start doing their homework for getting into college right now – starting in sophomore year. It’s worth a lifetime fortune. And that’s The Savage Truth.