As college tuition rises, families face financial pressures, especially with student loan repayment risks. Preparing teens for discussions on college costs is vital. Start by assessing finances—savings, income, and budgets—which allows parents to approach the topic knowledgeably. It's crucial to understand what funding and financial aid options are available. Parents should balance their contributions to college expenses without jeopardizing their retirement savings and set clear expectations on financial limits and responsibilities regarding the duration of funding.
"Taking full stock of your finances is the first step before even broaching the subject with your kid... approach the conversation with clarity and less stress."
"Consider how much you can realistically contribute without impacting your own retirement accounts. Think about your limits... and requirements for the future."
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