We all know college is expensive. Really expensive. We are here to talk about that in a healthy way and to help your families talk about this in a healthy way.
Everyone’s situation is different. Incomes differ. Savings differ. Desires and expectations differ. Extenuating circumstances differ. Priorities differ.
With all that in mind, we won’t ever tell you what to do . . . families know best. But we will do our best to normalize talking about money and college budgets.
In our experience, talking about college budgets early on in the process REDUCES stress (and this time period is stressful enough).
Kids have different goals - does your student want to go to a post-grad program such as medical school? Law school? A PhD? Do they want to pursue a career in a lower-paying field? Do they have a sense of what they want to do, or is that still a work in progress? These are just some of the factors for families to consider when talking about college budgets.
Other important factors relate to your family situation. Does your family have savings for college? Will paying for college impact your retirement plan or your ability to care for other family members (older or younger)? Again, these are just some examples of things families will need to think through.
We have seen that families feel a lot of pressure to find a way to fund their student’s dream. We have heard “go ahead and apply and we will do our best to figure it out” much too often. But this is not a plan. It is kicking the can down the road and inviting heartbreak and disappointment.
We suggest that families consider financial accessibility from the get go. Our goal is to help families start talking about that early on – before your student has finalized the ilist of schools they want to apply to. Frankness helps everyone.