As a parent, your expectations will help shape what your child expects of themselves. You can help your children envision their future by talking to them about their interests and overall, starting the conversation about planning for college. Having open discussions ahead of time can ease a potentially overwhelming topic, bring confidence to you and your family, and make you feel more prepared.
College isn’t for everyone and every family will have their own history and expectations around education— that's why family conversations are important.
College conversations with your high schooler
If college seems to be on the horizon for your high schooler, then it could be a good time to start thinking about “fit" and to begin fostering an open dialogue about what's ahead. You can help your child start envisioning their future by:
- Developing a game plan for college readiness. This looks like starting tough conversations about the seriousness of academics and the importance of them discovering the path that feels right for their future. Don't leave out how to tackle upcoming deadlines, requirements, and resources or opportunities that may come available.
- Talking about what you can realistically afford. Begin to help align your child's subject preferences and career path with the costs involved, what's most important, and what makes the most sense. You can assist your high schooler with brainstorming answers to questions like: Which colleges are my top 5 picks? What college experience am I looking for and which has the atmosphere that best fits that? Does community college make more financial sense for my career path than a 4-year university?
- Having a back-up plan—not relying on scholarships alone. Talk about your college funding plan, research your options, and begin creating or discussing your budget. You could also start creating a game plan for applying for potential scholarships—including keeping track of scholarships to apply for, any financial aid opportunities that come about, and familiarizing yourself with completing the FAFSA process.
- Chatting about their interests. Depending on their interests (academically and extracurricular), decide whether alternatives to the traditional 4-year college (such as community colleges, professional and trade schools, or the military path) is an option.
For sure, you won't cover everything there is to cover in one sitting. So, make the conversations on-going—not a one-time deal. Depending on what grade level your high schooler is, make revisiting and updating your college plan together a regular event. When it comes to conversations about college, there's plenty to cover, especially as plans change and develop.
Conversations about extracurricular activities
- AP or community college classes
- A part-time job or internship
- Sports
- After-school clubs
- Academic honors societies
- Volunteering
- Artistic and/or musical pursuits
Financial pointers for parents
From financial support to moral support, and beyond—parents play a substantial role in the college journey. There's a lot for parents to consider. Specifically, financially, the cost of college is a challenge that lots of family's face. For parents, it's a sensible idea to learn more about and fully understand financial aid and the resources that are available. Being knowledgeable can help parents proactively plan for expenses, be more prepared for financial obstacles that may arise, and build their overall resource bank. Here are 3 pointers:
Have a road map to determine what you can afford. Now is also the time to consider your options for paying for college. Now you can also decide what you're willing to contribute, and if you haven't already, start financially planning for what's to come.
Make the most of financial aid opportunities. Familiarize yourself with need-based aid, such as government subsidized loan programs, direct grants, scholarships, or tuition discounts for qualified low-income students. There’s also merit-based aid, which includes financial awards for students who excel academically, athletically, or through other talents (such as musically). You can find information on scholarships, internships, part-time jobs, and financial aid for free with Fastweb.
Know the real impact of student loans. When deciding how much debt to take on, consider your child's future salary potential and how much help—if any—you plan to offer to help to pay off loans. To estimate potential loan payments and the salary needed to pay them off without hardship or help, use the student loan calculator at FinAid.org.