Description:
Your teenager needs to be thinking about college early on. Show him or her how much money has been saved for college. Your finances and long term planning will affect your teenagerĘs choices. Introduce your teenager to the costs of college, e.g. tuition, room and board, money for books, and spending money. Visit a university and check campus expenses. See how much a single college class credit will cost and multiply that number by the number of credits needed to graduate. Go to the school bookstore and checkout the prices of books. Have your teenager do a cost comparison to see if the school has books at used prices for better savings. Look at the prices in the cafeteria. Work with your teenager to weigh the options of living on campus with dorm food and/or renting an apartment off campus and paying for food.

Go to the grocery store, and have your teenager do a mock weekly shopping list. Add up the cost. Is the amount reasonable/affordable?

Choosing dormitory life, along with cafeteria food, for the first year or two of school may be an easier transition for your teenager.

Sit with your teenager to create a college plan. Discuss what you are able or not able to pay for. Come up with reasonable terms. When your budget is tight, discuss the differences between state and private schools. Investigate as a family what kinds of scholarships, grants and loans are available. Check out your local library and/or the Internet for information on perspective colleges. Your teenager may still need to work year round, but this will help ease the process. Whatever the terms, you and your teenager can make it work.