6 Tips to Discussing College Costs with Your Teen
Every parent’s wish is for their child to receive the education they need to achieve great things and be successful in life. That’s the end goal, isn’t it? Talking to your teen about paying for college can be a scary task if you don’t know where to start. The helpful advisors at College Funding of Tampa Bay have these vital tips for discussing college costs with your teen.
Start Sooner Than Later
There’s no use in waiting until graduation to talk about saving up for college. At that point, it’s far too late as enrollment will be right around the corner. Your teen’s freshman year of high school is the ideal time to start discussing a savings plan as four or more years is plenty of time to build up a substantial amount of cash. Having this spare time significantly relieves the pressure, plus expectations can be made and accustomed to by the time of applying for a higher education.
Be Transparent About Income
In order for your teen to fully understand how much they should contribute, you need to lay the household’s finances out on the table. It may feel awkward to expose the family’s money matters to your child but seeing the numbers will give them a solid indicator of where things stand. If they need to pick up a part-time job to cover any differences, it’ll be much easier to convince them if you can prove that there’s a limit to the existing budget.
Offer Your Help in Planning and Research
No two colleges are alike. To have a firm grasp on how much is needed for your teen to attend a college suitable for them, a good amount of research is absolutely necessary. This can be a very daunting task for your child especially if they’re already preoccupied with homework or other duties. Help relieve some of their stress by splitting up the workload. Start by discussing some of these factors to narrow your search:
What do they want to major in?
Is there a school that stands out to them?
How far are they willing to travel?
What schools are in the budget?
Which schools do they meet the requirements for?
Jot Down All Possible Expenses
Your teen has never been to college, so they don’t know what to expect. No matter how hard they plan, there could be some expenses that they haven’t even considered. Help them be fully prepared by listing every possible expense to avoid any unwanted surprises in the thick of it. You can use our list for reference:
Textbooks
Stationery
Meals
Dorm rent
Electronic devices
Clothes
Gas or other transportation
Medical services
Utilize All Available Tools and Resources
When it comes to getting their children into college, you’re not the only one on the bandwagon. Higher education is crucial to a bright future and so there are many helpful tools and aids developed by those who put their faith into the younger generation. Your teen may qualify for federal financial aid after filing their FAFSA or aid from other sources by creating a CSS Profile. The Florida Prepaid Plan and Florida Savings Plan are both efficient methods for building college funds. Walk your teen through the steps to utilize all these beneficial services at your disposal.
Be Encouraging
Despite all the steps and planning that goes into attending a college, it shouldn’t be a scary or stressful experience. Receiving a higher education should be rewarding and open an immense wealth of possibilities. That’s why it’s important to remind your teen of the positives so they don’t feel discouraged. Hype them up and get them excited for the journey by rooting for them and always being there for them even after they’ve set off on their new adventure!
Let Us Help!
There’s no need for you to do it all on your own. If you need help informing your teen about college funds or don’t know how to create a plan, contact College Funding of Tampa Bay for a free consultation! We help students prepare for college in more ways than one so you can count on us.
