If you have a soon to be graduating high school senior, she has hopefully been accepted to several schools and is in the processes of deciding which to accept.
Your high school students should be blissfully debt free right now, but as soon as she decides what school to attend, that may all change.
Far too many students decide what college to attend because they like the campus or the atmosphere or because they want to move far from home.
Ideally, before she even begins to apply to colleges, you, as the parent, should sit down with her and discuss finances. This conversation should occur no later than before your child makes a decision as to what college to attend.
Most parents would like to pay for their child’s entire college education, but that is often not possible due to the current economy and rising tuition costs.
Chances are, if your child attends an expensive university or private college, she will have to take out student loans, sometimes tens of thousands of dollars worth of student loans. The cold reality is that she may be paying these loans for the next 10 to 20 years, and she may have to delay important life events such as getting married, having a child and buying a home all because of her student loan debt level.