college 101
college costs
WHEN YOU CAN’T
AFFORD THE
DREAM SCHOOL
So your child has studied hard, put in the
work, and has been accepted to that
prestigious school of their dreams.
Congratulations!
After the euphoria of that acceptance letter, however, many
parents find themselves in a heartbreaking situation when the
scholarships offered may not even come close to being sufficient
to cover the price tag.
is the chance of employment upon graduation with that degree,
and is there a school that will yield the same result with a smaller
price tag? With the average student debt upon graduation at
$28,000 and climbing, it is especially important that your teen
weigh the costs against the benefits if a loan is involved.
HELP YOUR TEEN UNDERSTAND THE IMPACT
OF THEIR CHOICE ON THE FAMILY AS A WHOLE.
Realizing that your child’s first choice is out of reach can be a
difficult moment for all involved, especially when you know that
your teen has worked hard to make that dream a reality. When
your child has his or her heart set on a certain school, how do
you break the news that you cannot afford to make it work?
Now that they are nearing adulthood, they are better able to
understand that the money may simply not be there and that
they may have to make an alternate plan. Now is not the time to
protect them from the facts, so trust that your child can handle
the truth.
FIRST, BE PROACTIVE AND STUDY THE COSTS
AND THE SCHOLARSHIP POSSIBILITIES AHEAD
OF TIME. Many parents only become aware of the average
MAKE SURE YOUR TEEN HAS A PLAN B (AND A
PLAN C!). It’s always good to have options already on the table
yearly cost to attend both public and private schools their child’s
junior or senior year, and at that point it can be jarring. Begin
having these conversations early, and make sure both you and
your child are informed before the college search even begins.
BE REALISTIC. Make sure your teen understands the costs
involved, and let them know if you think you will be unable to
meet them. Y