Reply to Things You Wish You Knew When he/she was in 10th Grade

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Start talking about money early.  Involve your child.  If you can full pay a 60K a year college, then fantastic.  If not, you need to have transparent conversations about what is possible.  How much is saved, how much you can cash flow, and if you are willing to take on debt.  Don't let your child fall in love with a college that will be unaffordable.  The financial aid fairy is not coming for the vast majority of DCUMers, even those who think they are "middle class."[/quote]

B[b]iggest myth out there:  If you can get into a school, the money will work out.  <---NOT TRUE[/quote][/b]

This is a great one.  My kid was a recruited athlete who had offers at some great schools.  Unfortunately, even with merit aid, which kid qualified for, there is only so much you can do to bring down tuition topping $60,000 a year at a private school.  In the end, it didn't matter how much kid wanted them or they wanted kid, the money didn't magically appear and we refused to shell out more than in-state tuition for the privilege of playing a sport.  Kid chose top-ranked in-state college, and though disappointed to let dream school go, took a very mature attitude about not wanting to be saddled with loans and is now thrilled about decision.

What isn't a myth:  You do usually get to go to a college you're happy with, it just may not be your dream school.  But that's OK.[/quote]

Thanks. We will most likely go the route of letting our DC consider and look at schools even if the sticker price is too high with the understanding that we can only go so high. If in the end it exceeds that amount then so be it. [/quote]

OK, you asked what we wish we had known in 10th Grade. At least 3 different people have said to have the money talk before you even start looking at colleges, and don't look at colleges you can't afford. But you seem like you're going to disregard that advice - certainly your choice, but understand you are doing that at your peril. Your kid could fall in love with some $67,000 school and then when it turns out you don't get merit aid and can't afford it, she is going to be bitterly disappointed that you're not making her dream come true.

We are giving this advice through hard-earned experience.

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