Many parents wonder whether they should reward for good grades or punish for bad. "I don't believe in punishment for negatives grades," says Grant. "You must evaluate why your child is getting these grades. Accomplishment should be celebrated, but I discourage a monetary reward."

"My parents never paid me for good grades," remembers McCormick. "They would get excited and praise me, though. And we enjoyed many special family meals in recognition of my scholastic success."

With so much emphasis placed on SAT scores, the assumption is that colleges are most interested in academic excellence, but, Grant says, "colleges look at the whole child, not just the grades. They evaluate their life participation, group activities, athletic involvement, and such -- so kids should not get stressed out about their grades."

Whether through a portfolio or report card, parents and educators agree there must be some way to mark a student's progress. Parents are cautioned, though, to put less emphasis on the A's, B's and C's and more on the learning process itself.