This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
Paying for college may be challenging for some parents to think about or discuss. Sallie Mae shares five helpful tips on how to have the Pay-for-College Talk.
Get the facts
First, you need to know how much a year of college will cost — tuition, books, room and board, and other expenses. Once you have a number, you can begin to figure out how you’ll pay for it — or if your student needs to focus on a less-expensive school.
Make a plan
An online calculator can help you estimate costs so you can develop a plan. College Planning CalculatorSM at SallieMae.com/CollegePlanningCalc is an easy-to-use tool with an added feature for families who are considering borrowing to pay for college: important guidance on loan affordability to help them understand the impact of a monthly student loan payment on a starting salary. It includes a salary guide to help students and their families determine a manageable monthly loan payment that corresponds to the student’s anticipated annual salary.
Engage your student
Don’t make paying for college a parents-only project. If they haven’t already started, remind your student that they can save birthday and holiday gift money. Summer jobs count, too. The more they can save for college now, the less they’ll have to borrow later on.
Be open
Be honest with your student about how much you can contribute to college costs —and that they’ll be responsible for everything else, either through scholarships and grants and/or student loans. Plus, when you create your plan with the College Planning Calculator, share it with your student at each step.
Do it now
Don’t wait till acceptance letters start arriving to have the financial talk with your student. Having a plan in place and knowing how you’ll pay for college will make the overwhelming senior year an easier experience.
Create your paying-for-college plan at SallieMae.com/CollegePlanningCalc.
© 2015 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and College Planning Calculator are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. SMSM MKT10284B 0315
