A CNN article reported that families are spending thousands on private counselors, SAT prep and other extras to get their kid into a top college. It suggests these 5 steps to stop the madness.
1) Get some perspective: Remember the college that your child attends is not likely to be the key factor in her future success.
2) Start with a budget: Test prep courses, tutoring sessions and other kinds of academic support are must spend.
3) Make your kid a standout: Make a list of his strengths and shortcomings, interests and points of indifference, focusing on enhancing strengths.
4) Find cheaper paths to the same goal: Instead of paying thousands to send your kid to help the poor in Belize, let her serve closer to home at, say, the local children's hospital or soup kitchen.
5) Look at the big picture: Don't let the process of getting into college and paying for it derail your family's other financial goals. For instance, is your retirement on track?
RE: 5 steps to stop the madness of spending too much on Prep
I agree about not needing to spend too much money on College Prep. Ultimately, an applicant should present who they truly are on their applications. I think admissions officers generally see through a too perfect application. Colleges look for how an applicant makes the best use of the resources available to him/her, not how much money she/he spends on window-dressing the application.
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