What are some ways to save money for stanford?

Question

i am a junior in high school right now, and in total, my life savings is $10.... pretty bad huh? i dont have a bank account, since my mom wont let open one. she says its not worth it to open a savings account for a small amount of money, since it might interfere with my eligibility for financial aid later on. and i cant get a job, since i spend all my time with school (literally- i go to school, have tennis practice after, go home and study till after midnight, and then sleep). what can i do to save money? my allowance is $15 a week.... i really want to attend stanford, and think i have a high chance of being accepted. its only the cost that worries me...

Answer 1

Hopefully your parent's are saving. Stanford has very gererous financial aid, but it's based on need. They expect almost all parents to contribute what they can which is usually much more than parent's anticipate, and they will expect you to contribute summer and vacation earnings, take a loan and do work-study if your parent's can't afford too much.

Your effort needs to be on getting the grades, scores and leadership positions you need to get in. They take less than 1 in 0 of applicants, and most are qualified so you need to really stand out.  

Answer 2

Depending on how much your parents make you might end up being eligible for grants, or low-cost loans.  Almost everyone who goes to college these days ends up taking out several loans.  The best advice I can give for your situation would be to save your $15 each week in a jar or something.  Every once in awhile you can spend some of it (you have a life, obviously) but try to save the majority.  This will at least give you some spending money for food and what not when you get to school.  

EDIT - Also, I don't think having a savings account will interfere with your financial aid.  Having no money in savings or a very smal amount in savings is practically the same thing.  Try to get one so you can at least gain some interest.