Every year, I forget how frustrating this time of year is. Parents of athletes call us, who have spend hundreds of hours and thousands of dollars on behalf of their children in high school and club sports. Then...suddenly...whammo!
Time for college, and not only is the student behind academically, but the parents have little saved up for college! Whoops!
Today, I spoke to three different moms who were totally desperate to borrow money to send their little darling to college, having NO idea of the cost of college, or how they were going to pay back the loans. They were clueless...and their students more so.
The financial trauma of committing to borrow tens of thousands of dollars a year for an unknown is already taking its toll. Yet they somehow feel like it's "too late" to do the right thing, and plan properly for a college the family CAN afford.
I hear stories of coaches' promises, of highly inflated emotions on athletic college visits, of "likely letters" and early decision acceptances. Parents do what they think they are supposed to be doing...and that is why the stats for drop outs, extended time to degree, and burdensome student loans are so high.
Yes, the economy is bad, but if you didn't have thousands to send your child to college, wouldn't you at least look into it? And the worst are the parents who completely put the responsibility on their 17-year-old, who doesn't have the wisdom yet to know what is best for them financially and culturally in the long run.
We do free Webinars on "how to" fill out the financial aid forms. So please, for the sake of damage control, register....do it correctly, get it in on time...and get some college planning help for your younger students.