Dear Parent,
I’ve been recently reminded how important it is to start having a college conversation super early. I don’t mean preparing for college so you can get in, but more about how are you going to pay for it. This conversation cannot start early enough. And once your child has a general understanding about money and finances you can include them in the conversation. Planning means talking about what you feel your family will be able to afford, even without knowing the cost of college yet. Have you been piling money into a college account? If so, you may be in a better place to manage the cost of a college education. If not, it doesn’t mean you cannot afford college. It just means you may have to work a little harder and research a little more to meet the cost and make the right college decision. You may want to research a few different kinds of colleges, instate, out of state and private to get an idea of the cost. You can also run through an Expected Family Contribution (EFC) calculator to personalize your research even more. There are several good websites you can use to do this calculation. Make this part of your research. Don’t be afraid to find out the real numbers you will be facing. If you know now, you can plan now. This is way better than a big surprise once your teen starts getting acceptance letters! If your teen is just about out the door, don’t worry. There are many ways to finance a college education. There are also many choices when it comes to the right college which should include how much it will cost. So talk now, plan now and don’t be afraid of the future! Have your teen apply to colleges that not only offer a range of difficulty to get into, but range in cost. Then when the acceptance letters and financial aid letters come, you will have some great choices. And a college education will be a reality without a huge financial strain on the student or family.