Studying for exams, applying for scholarships, taking admission tests, meeting deadlines - these are all things we are told to do when preparing for college. Something no one prepares us for is discussing paying for college with our parents. 

It's important to get on the same page as to what you want college to look like and what college will look like for your family - preferably, this would be discussed prior to the application process.You don't want to waste time and falling in love with colleges both you and your parents can't afford. By having these conversations early, expectations can be established and manged easier. 

Ways to initiate conversation 

Find a time when your parents are less busy and distractions are at a minimum. You could open the conversation by asking how your parents paid for their college education, or inquire if they ever started a college savings plan for you.

A few basic questions:

Here are a few questions to answer during the conversation:

• Do your parents plan on contributing funds to your college education? 
• How much do my parents expect me to contribute to the cost of my college education? 
• Do my parents expect me to take out student loans?

Find out conditions of financing 

If your parents are willing and able to provide funding for your education, ensure you understand whether there are strings attached to this agreement or not. Being clear on expectations and limitations is vital to understanding this agreement and maintaining your relationship. 

Having this money talk will help you and your family work together to find a funding solution that works for all. After you ask these questions, you may discover that your parents have a financing solution that covers all your needs, or you may need to apply for some student loans. Either way, have this conversation early and hopefully you'll be able to focus on your education with a great financial fit as well.