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Money Matters – Tough Money Conversations: Telling Kids You Can’t Pay For College

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420x316-grad-lee Dee Lee
Dee Lee is a Certified Financial Planner who received a diploma in...
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BOSTON (CBS)  –  All families discuss money. Sometimes it’s the screaming and yelling kind of discussion or if you plan them better the quieter but still awkward discussion.

[Audio http://cbsboston.files.wordpress.com/2011/01/january-24-2010-money-matters.mp3|titles=Telling Kids You Can’t Pay For College|artists=Dee Lee]

I thought we could spend this week discussing the tough money talks we have with the people we care about. And it doesn’t matter how much money you have or don’t have, we are all faced with money issues if we are part of a family or in a relationship.

Paying for college. Who should pay? It is their education after all but as parents, we created this covenant with our children. It is not a written contract, nor a verbal one. We just want things to be better for them than they were for us. A room of their own, a computer, a college education.

So if you cannot afford the Ivy League schools have you told your kid that? This conversation needs to take place before the kid takes the PSATs as a junior. Not when you need to fill out the financial aid forms.

Next Sunday, the 30th, is Massachusetts College Goal Sunday. This is a program that provides free information and assistance to Massachusetts families applying for financial aid. And there are no football games on that day!

There will be financial aid professionals from Massachusetts colleges and universities to help families and students complete the Free Application for Federal Student Aid (FAFSA), the federally required form for students seeking financial aid, including grants and loans.

In many divorce agreements there are arrangements already in place for who pays what for college for the kids but you should still fill out a form to see if you are eligible for aid.

The sooner you get this form in the better your chances are for getting aid. They are serious about this, get it in too late and there may not be any money left for the schools to give out.

There are 25 locations in Massachusetts where these workshops will be held next Sunday and the program starts at 2 pm. And they would like the students to pre-register which is easy enough to do. Log onto: http://www.masscollegegoalsunday.org/registration.php

You need to plan on being there a couple of hours and need to bring some information with you.

What to Bring

  • 2010 Federal Tax Return if it’s done
  • Social Security numbers
  • Driver’s license
  • 2010 W-2 Forms or year-end pay stubs and other year-end
    records of money received such as 1099s
  • Current bank statements
  • 2010 business and investment information
  • Your alien registration card (if you are not a U.S. citizen)
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