If you have kids in college or about to go to school (or if you're on the way to school yourself), this piece will interest you.
Money magazine tells us that there are several ways that getting good grades in school can help save both students and their parents a ton of money. First of all, it qualifies them for extra scholarship money:
For college students attending state schools in their home state, there is government money available to them if they maintain a B or better.
Freshmen who ace their classes may qualify as sophomores for school-sponsored scholarships in various academic departments.
But there are other savings as well. For example, on car insurance:
Studies have shown good students tend to have fewer accidents. So for those who drive, maintaining a high GPA is an easy way to cut down on their (or their parents') monthly car insurance payments. Most insurance companies nowadays will offer a "Good Student Discount" of 10 percent to 25 percent for an undergrad who is able to maintain at least a B average (3.0 GPA).
There are also cost savings on housing as well as extra incentives if the student has the right credit card (not a great idea, but I have to mention it):
Some off-campus apartment complexes will give good students a break on their rent.
Credit card issuer Citibank offers a credit card that gives students rewards points based on their GPA, which can be redeemed for anything from a $10 coffee gift card to a free airline ticket.
And finally, my favorite:
Doughnut-maker Krispy Kreme says that for every A students have on their report card, they are eligible for one free glazed doughnut at their local store.
Not bad suggestions for something (hopefully) your student is working towards anyway. Between the scholarship money and the car insurance savings in particular, this could be several thousand dollars a year -- a sum that could come in quite handy when you're paying $15,000 a year for school costs.
I can't lave this post without offering you a couple extra ways to fund college. The first is you can make some extra income to pay the costs. The second is to strategically plan your student's time in college to save 50% off the costs.