From Crawling to Co-Ed

It’s hard to imagine that our Daniel Tiger-loving tot in his dino pjs will ever go to college.  But as parents with teenagers will wistfully tell us, it really does go so fast.  It’s never too early to start planning...and to start the conversation.  At nearly a half a million dollars per student, private college won’t be much of a bargain by the time our littles are shopping for those extra-long twin sheets.  

How to Start The Convo… 

How do we broach the college conversation with our kiddos in a way that prepares them for the future?  The key is start early, be honest and tailor the specifics to our family’s individual circumstances. 

…With Little Kids 

Little kids have a fuzzy idea of what college even means.  We tell our BT Dozen, “College is the school you go to once you’ve graduated high school.  Most people go to college to study subjects they are interested in, usually to help them build the knowledge and skills they need for their future job.  College is very expensive, so Dad and I are putting some money away in a special account every year so we are prepared when you’re all grown up and ready to go to college.”  Little kids can also understand that not all colleges cost the same, and parents can organically introduce the concepts of private vs. public colleges as family members, friends or neighbors decide on their higher education options. 

…With Tweens 

With tweens, it’s time to build on the conversation.  If parents are able to invest in higher education, they talk about their 529 plans or other investment accounts to model how to plan and save for the future.  Tweens are ready to understand that a pricey college tuition doesn’t just cover education, but also includes housing, food, books, etc.  Depending on family circumstances, parents might broach the subject of student loans and scholarships, “College is very expensive, and Mom and I won’t be able to cover the full tuition.  As you get older, we are going to explore different student loan options and apply for scholarships which can help cover the cost of college.”

…With High School Students 

Parents need to get real with their high school students.  Whether they are fully footing the bill, unable to contribute at all, or anything in between, it’s essential that parents have a candid conversation with their teenager about college cost expectations. 

It’s best not to wait until that Common App is due to let an already overwhelmed applicant know that she is expected to pitch in.  The key is to start the conversation early.  Have frank communication about what colleges are in the family budget. 

If a dream school is financially out of reach, start a financing plan early to make lists of potential scholarships, discuss private vs. public student loans (and importantly, their terms), and find after-school or summer employment that can help offset college expenses. 

Finally, high school students should also keep future career paths in mind by considering the cost and benefits of college tuition vs. future pay (especially if student loans are a factor).  Parents might want to reflect on their own experiences with college and student loans when they speak with their teenagers - there’s no easier way to loop kids in on the conversation.

Though it seems lightyears away, college comes fast.  We blink and suddenly our little chicks are ready to leave the nest.  It’s our duty as parents to prepare financially for their futures and keep our kids in the college conversation to set realistic expectations from the start.  With open, honest college talk, we can help our kids chase their dreams...one smart financial decision at a time.