Teens, do you ever feel like you don’t know what things actually cost?
Together with your parent, work to understand simple financing concepts (not just the “bottom line” tuition and fees posted on college web sites). Discuss the Net Price Calculator figures for each college of interest for a start, and talk honestly about how much you can afford after financial aid and scholarships have been awarded. But BEWARE — not all net price calculators are created equal. They are a good tool, but you need to know what you’re dealing with on various sites.
Once you’re away at college, our Frugal Student Tips series may be helpful in keeping spending within your budgeted amount, too. These can be especially helpful when it feels like all of your friends are eating out all.the.time!
Learning budgeting tips before you are in the middle of the college search process is advisable.
Parents: You don’t want to go through the entire college search process only to discover the single school your child wants to attend is the one that is least affordable — or worse, entirely out-of-reach financially. Set up a plan now to discuss what your plans are — together!