Because you’re planning to go to college the chances are good that you've already talked to your parents about your career goals — and have received their encouragement. But college is a substantial investment, and the reality of paying for it is something most students need to discuss with their parents. If you haven’t already, now is a very good time.
You’ll need to know what role your parents will play in helping you pay for college; do they intend to pay for your education outright or partially, or help you borrow money now that you will pay back after graduation? Are they willing to co-sign your student loan? How might your education expenses impact your parents' finances and future security? Do you have siblings who will also be going to college? The only way to formulate a plan is to have a frank and open discussion with your parents about finances.
The first step in working with your parents to map out a college plan is to figure out the total investment in your education and what your part of that investment is likely to be. Of course, that amount will vary depending on the school you attend, what kind of degree you’re seeking and what kinds of financial aid you receive. When you can actually put a price tag on your schooling, you and your parents will know what you’re up against and how to proceed. For an estimate of the total costs of attending thousands of U.S. schools use our free, interactive School Search & Cost Guide.
If you’re going to take out a student loan and repay it yourself, here’s an important tip from Loan to Learn: have someone (such as your parents), co-sign your loan. Here's why.
Your co-signers, subject to certain conditions, can be released from the obligation after 48 consecutive on-time payments. Learn more about co-signing.