Breaking Money Silence

Ryan Lane, Senior Editor, American Student Assistance  The college selection process is complex and stressful, and many parents fail to discuss the long-term financial ramifications of taking on student loan debt with their children. In today’s episode, Kathleen and Ryan discuss how many parents try to protect their children by not talking about money, but do the family a disservice by not engaging in this important and enlightening conversation. Ryan offers tips for involving your children in the college funding decision-making process and how doing so can help them avoid huge student loan debt when they graduate from school. Key Take Aways: Start the college application process early by involving your children in the FAFSA process and talking about different ways to finance their education, such as loans, grants, scholarships, and good old hard work. Schedule a money talk with your children to discuss the FAFSA results, repayment schedule, how it may affect their college choice. Create a mock budget