Time to Have “The Talk”
All the time in my roles as financial advisor and college finance nerd I watch students and parents get sideways with each other as the various school bills come rolling in. Particularly, I see kids disappointed in the level of help they’re getting and I see parents disappointed in kids who seem to continue to want more than they can produce. I’m not alone in observing the parent/student disconnect. A recent survey by Junior Achievement noted that half of teens expect to receive parental help for college expenses while only 16% of parents plan to provide it.
The pain of disappointing one another can all be resolved, beforehand, with a simple and straightforward conversation about expectations. Particularly, parents need to outline in very clear terms two things: what the student can expect from the family in terms of financial support and what the family expects of the student in terms of behavior. Continue reading