Many parents avoid having the hard financial talks about college until it’s almost too late. If you’re thinking about sending your teenager to college, then the time to talk about your financials and financial aid is NOW.
4 Tips For Parents Having the College Money Talk
In this episode we’ll talk about how to…
- Figure out how much you can realistically afford
- Build a financially strategic college list and college major
- Have the college money talk with your teenager and set boundaries with them
- Apply for financial aid – the topic everyone needs to know about but doesn’t want to talk about
We also have our first guest on this episode! Raymond Van Buskirk is one of my dear friends, a former client, and our Bright Futures financial guru. He’s the first person we direct all our clients to because it all starts with being honest about your financial situation.
For the blog version of this episode, click here.
[04:20] Accepting your financial feelings.
[08:48] What is a financially strategic college and major list?
[12:28] Tips for having the hard financial talks
[12:44] First Tip: Talk about their spending
[18:11] Second Tip: Be prepared for tested boundaries
[20:35] Third Tip: Identify your family values
[21:21] Fourth Tip: Get creative with plans A, B, & C
[22:50] Financial Aid Forms
We can’t talk about college admissions and transitions without giving you homework. In this episode, Dr. Beth Dennard gives you the 3 following tasks:
- Have the financial conversation without your teenager first. Understand what you can realistically contribute to their education without sacrificing your retirement or lifestyle.
- Identify your family’s core values. This is key as you send your teenagers out into the world.
- Create plans A, B, and C with your teenager for affording college.
Related Articles, Resources, & Content
- Need help creating a financially strategic plan for your student’s education? You can schedule an appointment with Bright Futures’ Financial Expert, Raymond Van Buskirk here.
- FAFSA (Free Application for Federal Student Aid)
- CSS Profile