A Summer Job That Pays $500/day December 11, 2015

Ian Welham  on a summer job for students

Friends,

Here’s a common question I usually get in the Springtime:

“What should my child do this summer to improve her resume for college?”

Actually, the question is usually phrased more like this: “Is Lauren better off doing an algae census on the Mesoamerican Barrier Reef or calculating the air-speed velocity of an unladen swallow?”

I’ll answer that question with a question of my own.

Did you read Wednesday’s blog?

In it, I discussed how colleges give much higher aid packages to students who score well on standardized tests such as SAT and ACT.

I showed how raising your combined reading and math SAT scores from 1150 to 1300 takes you from zero aid to $5,000 to $10,000/year at Miami (OH) University. And how improving your ACT score from 28 to 32 could mean $11,000/year in extra merit aid.

Are you wondering what this has to do with a summer job?

Everything, actually.

Unless your child has signed on to hike the Appalachian Trail barefoot or invent an alternate fuel source, she is more likely to be earning minimum wage making milkshakes at Frostee Freeze.

A more profitable use of her time might be to take an ACT or SAT prep course. If you can increase your aid package by $5,000 a year, that’s $20,000 in your/her pocket over a four-year college career.

Where else can an 18-year-old earn $20,000 over the summer?

Most kids work about 8 weeks during the summer. $20,000 divided by 8 weeks is $2,500/week, or $500 a day.

Sure beats Frostee Free milkshakes — and those painful ice cream headaches.

Warmly,

Ian “The Professor” Welham
973-467-0101

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This post was written by admin on December 11, 2015
Posted Under: College Funding

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