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[quote=Anonymous]If she is just a junior, then now is the time for this discussion.  Figure out the limits of your budget, talk with her about it in detail, sit down and run Net Price Calculators together.  It's hard to teach the value of money to a person spending someone else's on such an important purchase; I'd save that lesson for other types of purchases.  This is a time for limits.

Find out what she likes about BC and see if you can find those attributes in less expensive colleges where merit money might be a possibility.  I would allow her to apply to colleges that offer competitive merit with the understanding that whether she could attend would depend on the final cost numbers vs budget.  However, there is no point in applying to BC if there is no scenario in which it would be affordable - better to end the dream now, before an acceptance.  (If you haven't already, do run the Net Price Calculator on BC's website, privately by yourself, just to be certain that you are working with correct information on the lack of financial aid for your family.)

Different people have different views on loans, but I'd allow my kid to borrow the small, federal student loans (around 5k freshman year) if it happened to bridge the gap between family budget and final cost at a particular school.

If you are willing to pay more for different levels of value as perceived by you (not her), now is also the time for that talk, but that may be a little more difficult to get across.[/quote]

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