Studying for exams, applying for scholarships, taking admission tests, meeting deadlines – your child has a lot going on when preparing for college. Something no one prepares us for is discussing paying for college with our kids. 

It's important to get on the same page as to what your child want’s their college experience to look like and what that dream will look like for your family – whether that means a financial commitment from you or not. We don’t want to have our kids apply for and fall in love with colleges both you and they can’t afford. By having these conversations early, expectations can be established and managed easier. 

Ways to initiate conversation 

Find a time when your child is less busy and distractions are at a minimum. A great place to start is to figure out what kind of education your child is looking for, standard university, two-year school, trade school? Are their specific schools they are interested in attending? This will help you get an idea of the price range you are looking at.

A few basic questions:

Here are a few questions to answer during the conversation:

• Does your child expect you to contribute funds to their college education? 
• How much does my child expect me to contribute to the cost of their college education? Do they expect you to sign on any loans?
• Has your child explored alternative options, such as scholarships and grants?
• Does your child plan on contributing to their college education? Do they plan on taking out student loans?

Find out conditions of financing 

If you are willing and able to provide funding for your child’s education, ensure to clearly establish whether there are strings attached to this agreement or not. Being clear on expectations and limitations is vital to understanding this agreement and maintaining your relationship. 

Having this money talk will help you and your family work together to find a funding solution that works for all. After you discuss these questions, you may discover that your child has a strong financial plan to cover their college needs, or you may need to develop a plan to meet their expectations. Either way, have this conversation early and so you’ll be able to focus on your child’s educational goals without consistently worrying about financing.