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Follow on Google News | Have 'The Talk' with your Child about Financing College1.The family's financial landscape-The first thing parents should share with their child about college tuition costs is how much they are willing to pay. If applicable, disclose the amount of money that has been saved expressly for this purpose and whether or not additional funds would be available from current family income. Calculate the difference between the amount the family is able to pay and the cost of the schools the child is considering. Explain that this balance will have to be made up by scholarships, grants, a job, and/or student loans. 2. Majoring in Psychology vs. Engineering—It Matters- A good fit between an individual’ 3. Understanding Student Loans-When discussing the financing of their education , it is crucial that parents and students are well informed about the different types of student loans available to them. It is important that the student borrower know the difference between federal and private loans and understand that some are more favorable in terms of function, grace period for payback and interest rates. All of these options are detailed in the white paper available at the end of this post. 4. Keeping it real about life after college- Student loan debt can affect more than just the graduate, it can impact the whole family . The boomerang generation has been formed by the overwhelming number of young adults living in their parent’ 5. Setting an example- Being informed of the options for college and their associated costs is a perfect preview into the adult world of financial responsibility for a teenager. Taking the time to talk this over as a family drives home the message about the importance of making informed decisions. Download our White Paper: Having the Talk about College Finances (http://www.shepherdfinancialpartners.com/ End
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