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Admission Can Bring Tough Decisions

“My child has been accepted to college and we are all excited. I have shared the news with relatives, friends, co-workers and many others. However, we just received the financial aid package and I can’t afford the cost for my child to attend. I do not want to disappoint my daughter, so what do I do?”

Here is what parents in this frequent situation can do. First, they need to review their financial situation and then share it with their child. Parents are passionate about their son or daughter attending college, but perhaps can’t afford a loan of $10,000 or more each year. Their child needs to hear this.

Second, dream colleges aren’t the only colleges. A college that is affordable and meets a child’s needs for success can be a better choice. I recall a student who attended a second-choice college because he was not accepted at (and could not afford) his first choice. He did well and attended the first-choice college for graduate school with tuition assistance from his job.

At this college-bound season of excitement and challenges, parents should:

1. Let their son or daughter know of their excitement over any college acceptances.  Hopefully, it is more than one college, and includes a community college
2. Wait for the financial packages from all the colleges to review affordability, then discuss this with their child. The child may not like the conversation, but the parent has to be realistic and upfront. Most students think parents have endless pockets, especially after listening to their peers.
3. Once the award packages come, parents should review them and make the best decision based on affordability and chance for student success. The parents should include other awards in the calculation only after confirming them. Most colleges give until May 1 to make a decision (committing after that date puts a student in jeopardy of not getting a room on campus).
4. If parents find that the cost of a four-year college too expensive, they should set their pride aside and  have their child attend a community college. Some community colleges have relationships with four-year colleges that assure tuition discounts to students who finish two years with a 3-plus average.
5. Parents should stay excited and optimistic about their child’s college-bound future. They should not worry about what others say, but rather stay grounded in the reality of their situations and what they can afford, especially in this challenging economic time. Their child will do the rest with their support and encouragement.

Joseph Fisher

Joseph Fisher, CEO & Founder