Now that I have you thinking... here is my underlying concern…
If you plan to take loans for your child’s dream school or any school, and if you expect your child to make the loan payments upon graduation, shouldn’t you have a conversation with your child about their college decisions?
Each decision has financial implications for their future. Perhaps your child will develop a cure for cancer and be rewarded financially. In that instance, the Return On Investment will undoubtedly be high when you compare the cost of college to their lifetime income.
However, if a student is planning for a different career path, suppose a teacher, which is a hard and well respected career, that person needs to pass a state exam and may not earn as lucrative an income. In that instance, the teacher may be better served by attending an in state public university, at a lower cost than a private, more expensive, university.
All of these considerations need to be weighed and discussed. If it is assumed that the student will be paying back their student loans, shouldn’t the child be included in the decision making and offered the chance to understand the financial impact of their choices. With this decision making opportunity, there is also the opportunity for financial literacy lessons that will well serve our children as they embark on adulthood.
College Financial Prep, in addition to working with parents as they prepare to send their children to college, offers student friendly financial literacy and adulting classes for high school juniors and seniors. Topics include:
Contact College Financial Prep today at 516-225-5224 as you and your family prepare for the upcoming transition to college. Our goal is to help you and your family save money on the cost of college through merit and need based aid, scholarships and student preparation while ultimately selecting the school with the best academic, social and financial fit.
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College Financial Prep provides families with cost saving strategies, scholarship research and financial aid preparation. Contact College Financial Prep today at 516-225-5224!