Melissa Korn

speaker

822 appearances 14 recordings 1 series first heard Sep 2017 last heard Sep 2024

Melissa Korn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Paying for College: When Should Families Have ‘The Talk’? · 25 Apr 2022 podcast

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. voice-verified

So going in with kind of a game plan or a sort of outline of what to cover could be really useful here. voice-verified

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. voice-verified

So I think as soon as a student, this is 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. voice-verified

Not spring of senior year when the acceptance letters have come in. voice-verified

But ideally, spring of junior year, perhaps even earlier, talking through, here's how much, you know, dad and I have saved up or we have a 529 that your grandparents helped put some money into, but it won't really cover that much or whatever. voice-verified

you know, we expect you to have some skin in the game and we're not taking on the entire burden. voice-verified

Those sorts of things, kind of big picture talks can be really useful. voice-verified

And the earlier you have them, the more opportunity there is to change course in terms of the kid's expectations and the kid's behaviors, right? voice-verified

If a kid truly understands that there isn't money in the bank to cover a really pricey college, maybe they will change their goals or voice-verified

work harder in school to get a merit scholarship, focus, you know, double down on their athletics if they're pursuing that sort of a scholarship, take on a part-time job. voice-verified

So the earlier you do it, the better. voice-verified

It's really never too early to start to have this conversation. voice-verified

I think parents may assume that their kids understand voice-verified

what tens of thousands of dollars actually means. voice-verified

And they often don't. voice-verified

My own daughter, who's years away from school, she's six and a half now, recently kind of looked at me with wonder and said, wait, is college expensive? voice-verified

She knows what I do for a living. voice-verified

She knows I write about college and college costs. voice-verified

And she was kind of flabbergasted that this was something that is beyond the reach of many people because it is so pricey. voice-verified

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