When it comes to paying for college, parents sometimes expect a magic wand

“Get into the best college you can, and we’ll figure it out”

Or “We’ll decide after we have all of the #financialaid information”

It’s a common approach to #collegeplanning and #collegeadmissions. And on the surface, it seems really logical.

Of course, it’s the exact opposite approach of how we buy houses, cars or any other big ticket item. We don’t go shopping at the Ferrari dealership if we can only afford a used Chevy. Nor do we shop in the multi million dollar mansion list if we only afford a tiny house. Yet, when it comes to college, parents sometimes feel like there’s a magic wand. Or a genie will pop out and grant a miraculous aid or scholarship package. That doesn’t happen. There’s no magic wand. There’s no genie. No winning lottery ticket just waiting for you.It is important for families to have the financial discussion first, not afterwards. Having champagne taste on a beer budget doesn’t help anyone – and simply creates disappointment. Or a lot of debt.

This week, Nancy and Jack discuss setting financial expectations early in the college search process so families aren’t waiting for the magic wand.

Click here to watch the 5-minute video on Facebook.

Jack and Nancy both have many years of experience helping students with their college search and how to pay for it. Jack Wang provides financial aid expertise through his firm Smart College Buyer. Nancy Steenson provides college search consulting to students & families through Steenson College Coaching.

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