When I was choosing my university it was a no brainer, perhaps I was lucky, as I was accepted to only one university, the choice was made for me. To give a little history of ‘back in the day’ the application process was a bit different. We did not have the Common Application, we typed each university application, wrote an essay for each university, mailed the application off ourselves and waited for a very thick envelope to arrive at home signifying an acceptance. Yes, those thin envelopes were tough to open. But, that one great envelope was heartwarming (and no doubt, a relief for my parents). The cost of attending university has no comparison to today’s costs. In general terms, many of us went to college because of this. There is no question, the tuition prices are not comparable from yesteryear to today. We sacrifice a lot for our children, but we need to be realistic today. We aren’t sure what is going to happen tomorrow.
Today, things are different. With the economy taking a sudden turn, I urge parents to have an honest discussion with your students. My generation was somewhat shielded from family finances. I am not sure that is a viable option or even a wise strategy today (or ever, for that matter).
Generally speaking, here are some things to keep in mind:
Take a hard look at the financial impact of each university your student was accepted- not the alleged ‘prestige’ or ‘designer label’. Trust me when I say that students who receive diplomas from state universities as well as the high profile universities and liberal arts colleges do just as well professionally. It is all about what the student puts into their studies, how they take advantage of what the school offers- clubs, career services, professor office hours, as balanced of a life as possible.
For sure, look at:
The Academic Program, location- how much will it cost for your student to come home?
What was the Financial Aid package? Does your student feel good about the campus?
Don’t forget about incidental expenses: books, fun money, necessities that come up that we don’t even think about, ‘date nights’, etc.
An important question to put forward is that of debt. Who is carrying the debt and what are the implications for the future? If necessary, speak to an accountant, a financial advisor/planner if one is available to you. Ask the bottom line question- how much debt do you or your child want to be in? How long do you wish to pay it off?
Again, talk finances openly and with care. This may or may not be the first time you have a true financial discussion with your child. My guess is that it won’t be the last time.