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

There are so many ways to talk about the money and so many places the money could be coming from. voice-verified

It's worth doing kind of a full-on checklist about this to cover all your bases. voice-verified

Absolutely. voice-verified

And most students these days work at least part time in college. voice-verified

And that's, you know, studies show that students who are athletes, students who work part time have better time management skills and, you know, are efficient and get good grades. voice-verified

And there's a benefit to that. voice-verified

Absolutely. voice-verified

There's also a discussion that should be had about whether the kid will pay the parent back someday, right? voice-verified

If mom and dad are taking out loans right now, because the undergraduate loans that you can get from the federal government are capped, you can only get so much. voice-verified

So voice-verified

If you want to borrow more than that, that's where a parent has to step in if you want to go for federal loans. voice-verified

And it's totally fair game for a parent to say, I'm going to borrow this, but you're going to pay me back X hundred dollars a month until it's paid off or I'll cover the interest. voice-verified

You pay me back on the principal. voice-verified

And having a really thoughtful discussion about who's responsible for this loan is valuable to have at the beginning, not when the loan comes due. voice-verified

You can't budget with money that you don't have. voice-verified

So I think if you haven't saved anything for college and you're relying entirely on loans and the goodwill of a school to provide financial aid, to provide scholarships and grants, the budget would look a lot different than if you have been saving since birth and have many six figures socked away somewhere. voice-verified

That answer of what the right budget is, is different for every family. voice-verified

It can even be different year by year, right? voice-verified

If you have one kid in college versus three at the same time overlapping, the amount a family can set aside is going to be different. voice-verified

But looking at what the local public universities may cost, looking at what various private schools may cost, again, looking at that net price rather than the sticker price can give some range of what the costs could voice-verified

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