One of the areas that many of our doctors ask for our guidance in is their children’s education. Common questions include how much to save, how to best be prepared, and more. To help answer these questions, Katherine Vessenes, CEO of MD Financial interviewed Denise Thomas, CEO of Get Ahead of the Class.
When putting her own children through school, Thomas was faced with many hardships. Her husband got laid off, the stock market crashed and they were considering bankruptcy all while facing the challenge of two mortgages and their first child entering college. Instead of giving up, Thomas rose to the challenge and decided to do all the research she could to get her kids through college on scholarships and pay their way all while staying debt-free.
After successfully accomplishing this, she decided to make a course all about how to best prepare your children for college, how to pick the right school, and how to take advantage of free money. If you’re short on time, feel free to skim the topics of today’s interview through our hyperlinks below:
1:20 - Denise Thomas’ background and history
7:35 - First step, start looking for scholarships early
There will always be people donating money and wanting to give back to their communities. Although scholarships can be a bell curve, with Seniors in high school being at the height of the curve, there are still opportunities to look for scholarships earlier and later than Senior year.
Start preparing your children and their test scores early. Do not believe the myths about starting preparation during their Junior or Senior year of high school.
10:17 - Which undergrad school is best for your child?
14:46 - The big myths around college scholarships:
Myth 1: Your kid doesn’t need to take the SAT or ACT until mid/late Junior year
Have your kids take the exams early and often. There is no punishment for taking the test multiple times.
You can pay around $20 up to three times per year to get the question sheet, key and your student’s answers to help facilitate study.
Myth 2: Kids who chose a state school, as opposed to a name brand school, make less
Many studies have proven that those who attend an Ivy League school make the same average salary as those who attend a state school within 5 years of graduating.
Myth 3: PSAT is only a “practice SAT” exam
It’s just like taking the ACT and SAT. Your child can take it early and more than once, as it only goes on their record during their Junior year of high school.
Some studies have suggested that this PSAT test taken multiple times can improve the score of the final test. One state study, in particular, concluded that students who took the PSAT during their Freshman and Sophomore years of high school scored an average of 15 points higher than students who did not.
Myth 4: Only geniuses and valedictorians become National Merit Scholars
There are 8,000 National Merit Scholars every year.
Odds of becoming a National Merit Scholar is 1 in 200!
32:20 - Some additional tips on how to get kids through college debt-free
43:20 - Final thoughts
Denise Thomas’ online course: “Cracking the Code to Free College” is available here. This is a 6-week online course, dedicated to parents of middle school and high school children. If you are a client of MD Financial, please reach out to us at info@mdfinancialadvisors.com to receive a highly discounted rate on this course.
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Katherine Vessenes, JD, CFP®, is the founder and CEO of MD Financial Advisors who serve 500 doctors from Hawaii to Cape Cod. An award-winning Financial Advisor, Attorney, Certified Financial Planner®, author and speaker, she is devoted to bringing ethical advice to physicians and dentists. She can be reached at Katherine@mdfinancialadvisors.com.