Your child has worked hard at putting some money into his savings account---tucking this away for future college expenses. That is an excellent habit for a young person to get into; however, for college savings, it could be costly!
Colleges generally expect a student to pay about 35% of savings accounts in his name whereas they only expect parents to pay somewhere closer to 6% of total savings for college costs. They will use both accounts to figure what the student and his family can afford to pay for college expenses, so maybe it's time to think this through a little bit.
If your child will be heading to school in the fall of 2008, you might want to consider letting him use some of his savings for camps, computers, clothing or whatever this summer and next fall. Allowing her to spend savings on things she will need at college in a year might be a good use of the money.
These and other money-savings tips are available on my website: www.homeschoolscholarships.com