My daughter started college in August and I wanted to share what helped us during the college search process.
About Us
I'm a single mom and was totally honest about what I possibly could and could not afford to purchase college. We started our conversations about money within my daughter's freshman year of senior high school.
Some parents don't share finances with their children, which is fine. My daughter recognizes that I budget and we don't live beyond our means. We save for big things and therefore are thankful for which we all do have.
Wish List
Fast forward to senior year of senior high school. Because of the uniqueness of my daughter’s intended degree – dance having a ballet concentration at a school that allows dance majors to double major – she cast a large net.
Some colleges were financially unrealistic, but I let my daughter apply because she's known since she was 13 years of age the reality of us finances. In our home, college debt wasn't something we entertained. Consequently, there have been no surprises and no tears.
College Choices
We live in Florida and have access to 100% free tuition for four years with the Bright Futures scholarship program. My daughter was accepted both academically and artistically to college of Florida (USF), which meant little to no debt for the whole four years. But she really wanted to visit Southern Methodist University (SMU), which is $80,000 annually for tuition, room and board.
She knew the only way to visit SMU was through scholarships. Again, getting the same conversation for 4 years prepared my daughter to say no to SMU if she didn't receive enough scholarships.
Outcome
My daughter did end up being awarded the President's Scholar Award at SMU, that is a full ride scholarship. She accepted. My bill for freshman year was $484 for fees.
This is not a post to brag or say I'm an incredible parent. It's to share the approach that worked for my family.
Just before she received the Southern Methodist Scholarship, my daughter said she would be happy likely to USF because it includes a great dance program and we'd haven't much to no debt.
What We Learned
In my experience, being clear about money starting freshman year prepared my daughter to locate something positive at each university she was accepted to. Obviously, she liked some schools much better than others, but she felt good about her options.
Be upfront, be truthful. Don't put off conversations about money because it will make senior year a lot more enjoyable when your student knows what's realistic.
Best of luck to any or all individuals!
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