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[quote=Anonymous]Of course tell him. He is almost an adult, and this impacts his future, so you owe him the full facts.

It also models for him how we live within our means, and make tradeoffs.

For example, he may choose to apply to second tier schools that offer more aid, in addition to big name places. My child got over 25K in  merit aid (per year) at 6 schools, but going a little further down in the USNWR ranking. You can also read together about student loans, in case that turns out to be a tool he needs. He should also take into account whether his career path will include grad school, which is pricey and only covered in certain fields. Budget realities could also help him take travel costs/distance into account when he makes his list.

I also continued putting money into the 529 the whole time my kid was in college, so you might take that into account.

You have saved a lot for your child, which is wonderful. He is luckier than most. Don't think of this conversation as a letdown. You should frame it as a nod to his maturity and the fact that he will be making adult decisions in the coming years, and you want to talk to him in that vein.

Good luck![/quote]

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