Your kid’s about to fly the coop. And unless you’ve been stashing cash under your mattress for the last 18 years, you’re probably breaking into a cold sweat thinking about those college bills.
I know I would be.
Thankfully, my daughter Bella is heading to the Coast Guard Academy. Uncle Sam’s footing the bill AND paying her a stipend. We hit the jackpot.
But you? You’re probably staring down the barrel of a financial shotgun.
Let me tell you something: Most parents are COMPLETELY UNPREPARED for the financial bloodbath that college has become.
They think tuition is the big expense. Ha! That’s just the cover charge to get into the club, my friend.
THE REAL COSTS WILL CRUSH YOU IF YOU’RE NOT READY
I’m talking about:
Housing costs that would make a Manhattan real estate agent blush
Meal plans priced like you’re dining at The Four Seasons every night
Textbooks that cost more per page than vintage Playboys
“Emergency” cash requests that will hit your phone at 1 AM
And don’t even get me started on the hidden fees these colleges bury in the fine print.
You think I’m exaggerating? Add it all up. You could buy a vacation home in some states for what you’ll pay over four years.
HERE’S THE RAW TRUTH NOBODY WANTS TO TELL YOU
Most parents are going to financially cripple themselves trying to give their precious darlings “the college experience.”
I see it every day in my tax practice. Good people. Smart people. Making catastrophically stupid financial decisions because they didn’t have a PLAN.
Don’t be one of them.
SEVEN BRUTAL TRUTHS ABOUT PAYING FOR COLLEGE
- FAFSA is your financial lifeline – Fill it out early, fill it out right. I don’t care if you think you make too much money. DO IT. That form is the key that unlocks everything from grants to work-study to federal loans. Missing this deadline is like showing up to a gunfight with a butter knife.
- Scholarships are EVERYWHERE – Your kid doesn’t need to be Einstein or LeBron to qualify. There’s free money out there for being tall, short, left-handed, or for writing essays about potato chips. I’m dead serious. Make your kid apply for 10 scholarships a week. It’s their job now.
- Have THE TALK now – Not the birds and bees. The dollars and cents. Sit them down and lay out exactly what you can pay, what they need to contribute, and what happens if they party away their GPA. No sugarcoating. This isn’t the time to be their buddy.
- Your retirement is NOT NEGOTIABLE – Listen carefully: You cannot borrow for retirement, but your kid can borrow for college. If you drain your 401(k) for their Communication Studies degree, you’ll be living in their basement when you’re 70. How’s that for family bonding?
- WORK builds character – Kids who work during college make better grades. It’s counterintuitive but true. They learn time management. They value their education more. They develop grit. Tell your kid to get a job. Period.
- 529 Plans are tactical weapons – If you’ve got one, don’t blow it all freshman year. College costs escalate. Spread it out. And if you don’t have one yet, start one anyway – even for a younger sibling or future grandkid. The tax advantages are too good to ignore.
- The “dream school” is usually a nightmare – Unless your kid is getting into Harvard on a full ride, that expensive private college probably isn’t worth the premium. The crushing debt will haunt them (and you) for decades. Be the adult and sometimes say NO.
THIS IS NOT A DRILL
Elizabeth and I thank our lucky stars every day that Bella chose a path that doesn’t involve financial seppuku. But it didn’t happen by accident.
We had hard conversations early.
We set clear expectations.
We explored ALL the options.
And now while other parents are taking out second mortgages, we’re planning our empty nest adventures.
If you’re drowning in college financial paperwork and wonder how the hell you’re going to make this work, call me. This is what I do. I’ve helped hundreds of families navigate this minefield without blowing up their financial future.
The clock is ticking.
The bills are coming.
The time to act is NOW.
Your wallet (and your future self) will thank you,
Carlos Samaniego, EA
Tax Warrior | Financial Reality Check | Father Who’s Been There
P.S. Want the cold, hard numbers on what college will REALLY cost you? Call me at (909) 570-1103 or go to CallTaxEA.com and book a 30-minute reality check. I promise it’ll be the best investment you make in your kid’s education.
