The sky’s the limit, you can go anywhere and do anything!
Well, at least that is what many parents would love to have the ability to tell their student. The truth is, while effort you can get far, you will find choices and tradeoffs to be made. Particularly when it comes to choosing a college.
With students, you need to set expectations and make sure they do know what's an inexpensive college and what's not. They also need adult help understanding the impact of debt on their own future.
We asked the parents within our Affording university 101 Facebook group when they had “the money talk” using their kids, and just what advice they'd give.
Here are a few tips they shared and other helpful advice so that you can help your students choose an inexpensive college.
Start the Affordable College Discussion Early
Many parents in our Facebook group started speaking with their children about affordable colleges during elementary and junior high school. This was often in conjunction with other lessons on money, saving, and thrift.
One parent said, “We explained it this way: Money can buy things from the mall but we check resale shops and garage sales first after which when we still need a brand new item, we tend to actually obtain a place like Walmart/Target. We told her that we'll perform the same goes with college.”
Giving your children a solid financial education – in every area – can help result in the discussion about an affordable college easier. In fact, your child may take it as a given that they need to be careful with paying for school!
Don't think it is a “one and done” discussion, either – one parent stated, “It's like sex ed-it's not one talk. It's many talks over many years with increasing complexity.”
Discuss the Benefits of In-State Schools
When you do have the discussion about affordable college programs together with your kids, they might well choose to stay close to home, start in a community college, or visit a state school rather than a “name brand” institution.
Unfortunately, there will always be “those people” who consider college a standing symbol, plus they could make negative comments about your child choosing an inexpensive college.
As difficult as it might be, block out the noise!
A parent within our group shared, “My son currently finished his first year at a state university within their honors college and can come out of that school free of debt. He put up with plenty of snarky comments from other high school classmates as well as their parents as well as some teachers who thought the school was beneath him during the college search process.”
“He's actually majoring with what he really wants to major in and has repeatedly told us just how much he liked his classes and professors. I think he was shocked he did like them a lot after hearing negative comments from people. I wish people would keep their negative comments privately. It would have made the whole process much easier.”
Be Honest and steer clear of the “Freshman Trap”
Many parents share with their students just how much happens to be saved for school and what debt can be expected. If you plan to cosign a loan, make sure your child knows the upper limit that you're prepared to sign for.
Also, make sure your student understands just how much debt can impact their future, including their need to have a job they may enjoy having a very low starting salary. For those who have examples from yourself or any other members of the family, you can use them.
Most of, don't avoid the discussion. Students will create their own ideas, hopes, and dreams, many of them based on input from teachers and peers. You won't want to be the one that ruins the illusion because you didn't set expectations in advance.
One parent sadly shared, “I have adult friends who're still angry at their parents. Justly or not. I think had they known before senior year, it'd have been different and healthier for the relationships. Sadly some parents never take part in any way and a kid is left scrambling unprepared.
Y'all are great to discuss it!”
Finally, don't be seduced by the “freshman trap.” Some schools will offer you generous one-year aid that either isn't renewable or is very difficult to maintain. Make sure you are looking at the full four-year financial picture.
Help Students Stay Within Budget in an Affordable College
Once an inexpensive college is chosen, there's yet another step – Help your student understand how vital it's to remain on the right track with the budget while they're in school.
Without a parent or gaurdian there to be a voice of wisdom, some students begin spending freely on from meals outside their meal plans to springbreak vacations. Make sure your student remembers that they have a financial budget on campus, and it’s not just for tuition and fees.
Would you like help finding an affordable school? We're here for you!
If you are always reviewing schools, discover which ones are can offer your student as much as possible according to their stats and preferences with our College Insights tool.
Try it free of charge here.
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