University of Virginia

Having “The Talk” — Get the Right College Fit for Your Student & Your Budget

So your kid has finished with college visits and read through all the admissions brochures and has decided on their top-choice colleges. Now is the time to make sure that potential schools are a good fit–for both of you.
Many parents overlook just how much emotion comes into play when making college decisions. Hopefully, your student has more stringent criteria than which school has the best football team or simply wanting to go to the same school as their friends. Your emotions can also get in the way when faced with the reality of your child heading off to college and the desire to make their dream school a reality. These emotions can lead to some very expensive tuition bills.
No worries, we’re here to remind you about your financial priorities. Before the college applications are submitted and the “dream” school chosen, you need to decide what the maximum out-of-pocket costs you are willing to pay each year for your child’s college education. Setting these funds aside will affect your retirement plans, so you need to feel very comfortable with the amount.
The next step is to sit down your student and share this budget with them. Any school that doesn’t fit in this budget, after merit aid and any additional financial assistance, needs to be taken off the list of potential colleges. By proactively discussing your budget and working with your student on their college list, making a final college choice when the acceptance letters pour in will go that much smoother.
College Funding Group can help your family identify dozens of colleges around the country that are the right fit for your student and your budget. Find out more about College Funding Group’s services.