It's essential to initiate 'The Other Talk' regarding college and its costs earlier.
With the exception of direct quotes, the following advice and opinions are my own.
As college application season heats up, families are diving into guidebooks and websites, while campus tours are bustling. Seniors are busy perfecting their essays, especially those aiming for early decision deadlines. However, a significant oversight is the focus on funding the next four years of education.
According to a national survey of over 1,000 students and parents, nearly 66% of parents regret not planning adequately for college expenses. Furthermore, both parents and students expressed a desire to explore financing options sooner. Interestingly, while 44% of parents started saving before their child's junior year in high school, 38% didn't save anything at all.
The complexity of college costs also emerged as a challenge. Families often find navigating applications like the FAFSA and selecting the right student loan more difficult than anticipated. Over half of the respondents felt that researching, comparing, and choosing a loan was tougher than expected.
It's clear that families need to engage in 'The Other Talk' more frequently and at an earlier stage. For insights on how different families are approaching this, check out this video.
