Updated: Wednesday, October 02, 2024
Learn How to Have an Impactful Discussion About Saving for School
It may sound daunting, but it’s important for parents to discuss college costs and budgeting as part of the college search process . College is an investment and in order to feel confident and excited about your student’s educational choice, your entire family needs to be on the same page financially.
Take advantage of the back-to-school season to pencil in some time to have an honest conversation about finances, what this will mean for your student’s applications, and the saving habits your teen will need to build. Keep reading for tips on creating an empowering college cost dialogue.
Do Your Research
In order to have a productive conversation, parents (and students!) need to know where they stand. Get together and review the FAFSA website to stay up to date on what kinds of financial aid your student is eligible for, what your EFC (expected family contribution) will look like, and deadlines to have on your radar. Students should also check out the net price calculator available on university websites to start to get a sense of what families may be expected to pay at various schools. Understanding how actual costs vary from a school’s “sticker price” is an important part of the college search and research process in order to find colleges that are a good financial fit.
Be Honest
It’s natural to want to your shield your student from college costs but at the end of the day, everyone will feel most at ease from a genuine conversation. Explain how much you have saved, what kind of federal aid your student should qualify for, and how your family will bridge the gaps regarding these costs. Discuss a multitude of possibilities, such as scholarships, merit aid, student loans, work-study programs, and additional employment options, to help encourage your student to pinpoint actionable steps that work for your family.
Encourage an Open Mind
Every college applicant needs to consider all of their options and avoid having their heart set on just one school. This can be particularly true regarding college costs, especially because financial aid packages and tuition rates can vary greatly from school to school. Encourage your student to keep an open mind and to compile a balanced list of schools that are true best-fits, financially as well as academically and socially. Tools such as College Navigator and net price calculators on a university webpage can provide valuable information on how a certain school will fit into your family’s budget.
Set Realistic Expectations
In order to avoid overwhelming your student, make it clear that paying for college is a team effort. Even if you cannot fully or partially contribute to your student’s education, parents can still offer support by assisting their teenager in creating a realistic budget and helping them search for job opportunities and scholarships. Make it clear to your student that you are in this together and work to create a financial plan that gets everyone involved.
Sitting down and having the financial talk with your student is the best way to make sure your entire family is on the same page during application season and beyond. If your student is preparing to apply to college and looking for nuanced insight, our team of college admissions counselors and financial aid experts can offer guidance throughout the process.
By Nat, IvyWise Admissions Counselor
If you are one of my beloved students whom I work with individually, you are very familiar with my enrollment management style of counseling. I’ve presented my hypothetical “rubric” model to you, which I first shared at a college fair night at a public NYC high school to rave reviews. My students are familiar with institutional priorities and how classes are assembled.
Scholarships are a win-win: students can help reduce the costs associated with attending college while also adding to their resumes. As a bonus, the vast array of scholarship options means there is truly an opportunity for every student. However, it can be challenging to know where to find the right scholarships, and the process of applying for them on top of your college applications can seem daunting.
While the application process will vary depending on the scholarship you are pursuing, there are some tried-and-true tips that can help students stand out from the pack. Keep reading to learn more about what it takes to craft a compelling scholarship application.
The college process can feel overwhelming, especially when students get a late start. From compiling a best-fit list to writing essays, there are many steps in the college application process. Consequently, we always encourage students to start early and build executive functioning skills that will serve them throughout college and beyond. While high school is undoubtedly a crucial time, there are several steps students and families can take to start preparing long before ninth grade.
For most students, financial aid is an important part of the college admissions process. You will likely complete a Free Application for Federal Student Aid (FAFSA), which is useful for receiving need-based financial aid, but that isn’t your only option. There are countless merit scholarships available if you take the time to seek them out.
Let’s look at how to find and apply for merit scholarships.
