![]() Melissa Korn: Assuming it's a high school student going straight into college, as soon as a student is starting to think about what schools they're interested in, maybe what campuses they want to go visit, what websites they're visiting to learn more about particular schools, that's when the conversation should happen. Whalen: Given that, when should parents think about asking their kids to take on some of the financial burden themselves? What's the best time to have the talk? As you said, money is never an easy thing to discuss, but when you're making a financial decision this large, you can't pretend that it's not a factor in your decision. Going in with a game plan or an outline of what to cover could be really useful here. Yes, your parents are probably going to get asked some questions that they feel a little weird about, or maybe their kid doesn't even know to ask the right questions. Melissa Korn: It is, but that doesn't mean you should shy away from it. Whalen: Talking about money in general is awkward, but parents having a money talk with their kids, that's a whole new level of awkward. That little bit of awkwardness is very worth it if it has to do with your financial wellbeing for the rest of your life. They can realize long into the process that they're not able to afford to retire. They regret not setting expectations realistically, because then, especially if they're taking out loans to help their kid through, it can affect the rest of their lives. ![]() They regret not being open with their kids. that was really awkward and I should have avoided it." Parents regret not having this conversation. Melissa Korn: I've never heard a parent say, "Gosh, I wish I hadn't talked to my kid about how much we could afford. Whalen: Melissa, you've spoken with parents and families around the country who have been going through this process and have been faced with a financial burden of planning for college. Melissa, thank you so much for being with us. How and when should families consider a student taking on at least some of the costs themselves? Wall Street Journal reporter, Melissa Korn co-wrote the WSJ Guide to Student Loans and she's here to discuss how families can sit down and have the talk about paying for college. ![]() But for many of them, the financial burden of tuition and expenses is just too much. When it comes to paying for higher education, parents might feel like it's their responsibility to cover at least some portion of their child's college costs. Coming up, she'll be here to talk about how families can chart a financial plan. Whalen: WSJ reporter, Melissa Korn has written extensively about the cost of higher education. Melissa Korn: Money is never an easy thing to discuss, but when you're making a financial decision this large, you can't pretend that it's not a factor in your decision. Today, we start at square one with how families can have the talk about how to afford college. We're tackling student debt, how to think about it, manage it, and eventually repay it. All this week on the show, we've got a special series of conversations lined up for you. Tut there are a lot of other myths and misunderstandings about the cost of higher education out there and they can make figuring out how to pay for college harder than it needs to be. You've probably heard that Americans collectively hold 1.6 trillion dollars in federal student debt. ![]() Whalen: Here's Your Money Briefing from Monday April 25th. This version may not be in its final form and may be updated. This transcript was prepared by a transcription service. ![]()
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