Academics matter for scholarships. High achievers can get scholarships for their grades from private donors or the college itself. Start early by making high grades a priority, even in young age. Remind the child that attending college is a privilege that she must earn. However, take care not to put grades above actual learning. Students who manage to get As without learning may fail in college, whether they could pay or not.
Playing an instrument, winning at debate, singing in the choir -- any skill that gets kids noticed by admissions councilors also makes them prime targets for scholarships. If a student truly exceeds at a unique skill, such as playing chess or the oboe, a family interested in advancing the arts may choose to sponsor him. Sponsorship involves paying most or all tuition. Pick a skill other than a sport -- though some select athletes are paid to go to college, most never achieve that level of competence. In order to prepare a young child to pay for college, let them pick a skill that they could reasonably achieve, like the French horn, and encourage it. Remember the golden rule: Practice makes perfect.
The more children internalize saving habits, the faster they can attend college. Whether they save half of their bar mitzvah money or get an after-school job, any income a child saves takes a large chunk out of their expenses later. Remember, even if a student has all expenses covered by a scholarship, he still must consider living expenses. Early saving habits, and possibly a high school job, significantly increase the chances of affording college.
The right kind of savings account or investment can turn into money for college tuition, especially if the child is young. Meet with a qualified accountant to develop a plan for saving for college, or think about diversifying investments. Though teaching a child to earn an education may build character, having the money to pay can result in fewer sleepless nights along the way.