Many parents believe the “money conversation” should wait until after college acceptance letters arrive, so they can evaluate their students’ options knowing with certainty what those options are. However, turning a blind eye to a college’s potential price tag until receiving an admission packet could lead to a situation where your child’s dream school is financially out of reach. This is why it’s so important to begin having that conversation as you aid your child through the college search process, starting by exploring the most recently published information on the websites for the colleges your child is considering. This will give you an idea of the cost of attendance, including room and board if your student will live on campus rather than at home. Even with this as a basis, many parents and their children can discuss what is and isn’t realistic considering the family’s current financial position. Though they might be hard, these conversations must happen, and they must happen early. For more information on how to go about having these conversations with your children, as well as other stressors that might come along the way, please see the resource featured alongside this post.
The Parent-Student Relationship In College Searches for more information on the college search process, be sure to check out the Encourage App