Real Talk: The College Conversation

Real talk about academics might mean helping a student find the balance between dreams and pragmatism, which is something that both Scott Casmer and J.D. Gerut have discussed with their respective daughters. “The main thing is to not limit your exposure to things you believe you’re going to find interesting and want to study,” Scott says. His own experience in STEM and business informed the conversations he had with his daughter Kiara about “[tying] a college major to some sort of field with realistic jobs.” Similarly, J.D. has encouraged his daughter Leah to pursue her passion for film while still crafting a backup plan that will “provide her a basis for getting into the workplace,” he says.

Academic discussions may also concern the duration of the program. Bhaswith Suresh’s parents, for instance, floated the idea of him doing his undergraduate degree in three years instead of four. “Their concern was, if you’re going to be in school for residency for medical school, if you can shave a year off somewhere you should do it,” he says. But after watching his older brother rush to the undergraduate finish line in two years so he could get to medical school faster, Bhaswith is more inclined to pace himself over four years.

For these families, conversations about student life often boil down to the in-state versus out-of-state question. While all three students express a desire for a “change of scenery,” as Leah Gerut puts it, their parents generally preferred they stayed closer to home. They all needed to find a compromise – whether that means making sure there’s a more even split between in-state and out-of-state applications or setting limits on how much parents are willing to pay for an out-of-state college. 

“The conversation we’ve had is that [an out-of-state college] still needs to be within the parameters that we set economically and if there’s additional costs, that [Leah] needs to pursue those with … work or scholarships to cover the difference,” J.D. says. Leah ended up choosing an out-of-state school so she is looking to maximize her scholarship opportunities. After all, the No. 1 advice parents of current college students have for parents of college-bound children is to encourage your child to apply for more scholarships, according to 79% of 1,043 undergraduate parent respondents to a College Ave Student Loans survey. One source of scholarship options is private lenders like College Ave Student Loans, which awards a $1,000 scholarship sweepstakes to a different student every month.

If there’s anything Kiara Casmer learned from real talk about paying for college, it’s that timing is critical and the earlier in the process that students understand their family’s cost expectations, the better. “I wish I had talked to my parents more about like, we couldn’t afford this if you got in unless I pulled off a crazy good scholarship,” she says. Her father, Scott, echoes the value of students and parents getting on the same page about where to apply and the potential costs involved in each option. “Everybody knowing the steps that are planned is a benefit,” he says. “That way, it’s not really a surprise to anybody. Everybody’s just going through and discussing at each step.” Students like Kiara who still face funding gaps after taking advantage of federal aid can use private loans like those offered by College Ave Student Loans  to meet the full cost of attendance. 

For families willing to take out loans, there are specific issues to consider in the months leading up to decision day. Before Bhaswith Suresh got a full ride to Howard University, for instance, he knew that he would have had to repay any loans he received on his own. “My parents would probably cosign to make it easier, but I know that I’d be responsible for it,” he says. It’s a responsibility he felt prepared to take on thanks to his experience tracking his debit card expenses and sticking to a monthly budget. 

It’s never too early to initiate talk about a student’s professional and financial goals. Scott Casmer got the ball rolling when Kiara began looking into colleges as a high school senior, explaining to her the difference that career development resources could make to her post-grad prospects. “My family had not gone to college previously so I was just figuring out a lot of things on my own,” he says. To help his daughter avoid falling behind in the area of professional outreach and experience, he “[shared] with her that she should be looking at schools that are known for having good intern programs, co-op programs and alumni networks."

Discussions about future plans may also touch on student loan repayment. By the time she began college, Kiara had already begun thinking about when to complete repayment and how to save enough to make her goals possible. “I took out a 10-year loan from [2021], so that would be 2031,” she says. “But I would probably be trying to pay it off in six years based off of salary for [a career in consulting or investment banking] and expenses, things like that.” Students and parents considering private student loan options can use the College Ave student loan calculator to help estimate monthly payments based on amount and length of time borrowed as well as find the best repayment plan for them.