Unfortunately, there are no signs of college tuition and the costs associated with room and board decreasing. Understanding this, parents need to educate their children on the ways in which they’d have to cover the costs for the college experience. While parents may know that there are significant differences between federal student loans and private loans, students might not. Many children may be ignorant to the level of interest that would accrue over their time at school, which is why it’s so important to have these money conversations as early as possible. In some instances, it might be best to bring your child or children to a meeting with a financial advisor or another professional who can help clarify the process and better explain how these different types of loans could impact their own financial future. Even if these conversations are difficult, they are necessary. Which means parents need to be prepared to have them. To better prepare yourself for these conversations with your children, please see the resource included alongside this post.
The Parent-Student Relationship In College Searches for more information on the college search process, be sure to check out the Encourage App
