Now that you have a concrete idea on how much money college is going to cost you, it is time to have a little chat with the parental units (or if you are an adult re-entry student, substitute the word parents with spouse/significant other). This conversation can go in many different directions. Your parents may have been fortunate enough to have saved a large sum to pay for your college expenses, they may be broke, or they may be somewhere in between.
If your parents have been saving money for you, find out exactly how much they are willing/able to contribute to your education. Is there enough money for your parents to pay for all of your college expenses, or just tuition and school related expenses (books, supplies, fees)? Even if your family doesn’t like to talk about money get your parents to give you dollar amounts. Make sure that your financial contributions and your parent’s financial contributions are very clear. Make a list of what expenses you will be responsible for and what expenses your parents will cover.
This may be awkward. Make sure to point out to your parents that since you are becoming an adult you need to understand how to handle money, and your education is the first major investment you will be making as an adult. You must emphasize that you need to be aware of what costs will be your responsibility so that you can meet your obligations.
Show your parents your calculations so that they are on the same page as you (this is where the worksheet comes in handy). Before showing your parents your calculations they may not fully understand the costs, or may not be aware of how expensive college really is. This step is essential so that there is no confusion or emergency financial situation that could have been avoided by understanding who is responsible for each expense.
If your parents are unable to help financially it is important to know in advance exactly what you will be facing. You don’t want to be the person who finds out a couple months before your first college semester at your dream school that you suddenly can’t pay tuition, or rent, or anything else. Or worse yet, find out in the middle of your schooling that there is suddenly no more money left and you aren’t prepared.
If you are a ward of the state you need to talk to your case worker about programs that offer financial assistance to children leaving foster care and group homes. Find out exactly how much money you will be receiving, when you will be receiving it, and how. There may be other programs that will help you in this transition...make sure to have this conversation!
This is just step one of paying for school, but it is the most logical step. For many of us our parents have provided everything for us for our entire lives and most parents want nothing more than to give their children the gift of education. Not all parents can do this; some parents believe that they are teaching their children an important lesson by not paying for school.
Don’t get discouraged if your parents don’t help pay for school because there are many other ways to pay…just wait and see!
