How to have that discussion about paying for college

If you have a high school senior at home, chances are you’ll be sending them off to college next year. So you may need to have a good talk about acting responsibly. And no, we’re not talking about that kind of responsibility (though it is very important) – we’re talking about financial responsibility.

For most families, paying for a kid’s college education is going to involve drawing from family savings and making financial tradeoffs. And the data shows that in recent years, many parents with the best of intentions have borrowed way too much in order to help their child, only to realize too late that they had to do things like: make other sacrifices, send their next child to a less desirable school, or delay retirement. 

It’s okay to have an honest conversation

It's not easy to talk about putting possible limits on dreams, but College Money Matters suggests parents and students should have honest conversations about how much money the family can realistically provide from savings, income and borrowing, without going into too much debt.

And, while you are talking about money, consider discussing credit cards too, as they are easy for students to get at many colleges.

What’s more, as the results of a recent survey shows, you may find your college-bound student has the same concerns you do.