While attending college after high school graduation is certainly not a life requirement it is definitely the most traditional path, and many kids grow up looking very much forward to this rite of passage. What your child might not realize though is everything that goes into attending college, and that some of that hard work has to start well before they take their first campus tour, and in some regard before they even begin high school. Regardless of it you did or did not attend college yourself, or if you do or do not believe it to be necessary, as their parent it is your job to offer support in any way you can to help them build a life for themselves that they can be proud of.
There is no doubt that the cost of college is one of the top things that you need to open your kids’ eyes to. While receiving their education up to this point has likely felt effortless for them you should help them set and manage expectations by highlighting the financial elements of realizing this dream. If you are in a position to help support them financially in any way you should also think about what that will look like in terms of dollars and cents as well as your own budget.
A home equity line of credit can unlock your potential to contribute to your child’s college education. Taking money out of your home and using it to cover tuition costs, or other expenses that are going to come along with this dream is a common way to use this type of loan. You can view lenders and review a guide that compares rates on home equity lines of credit from major lenders so that you are getting the best deal for yourself in your mission to support your son or daughter.
Have an Open Dialogue
Begin this conversation young, talk to your kids about what exactly it means to them to be able to attend college. By opening the initial door, you will signal to them that even if all you can provide is a listening ear, that you are happy and willing to do so, and that you want to be a part of this experience and share it with them. With many colleges seeing record low enrollment as of late, you wouldn’t want your kid to skip this chance simply based off a trend.
Be mindful to guide without taking over, as a parent of course you have your own hopes and dreams for your child, but a major element of support is listening without speaking, and that more than applies here. Typically, when parents give their child a little breathing room, they will arrive at a decision that feels comfortable to both parties but was generated by the kid and that is a huge confidence booster for them and serves as motivation to advocate for themselves as they move on through life. Striking this balance is going to be a work in progress for everyone, but the destination is worth the journey. You can show an extreme amount of support for your kid by simply letting them have the freedom to be themselves and think about their own future on their own terms.