Julie Beckham, a financial educator and mother of two, has always prioritized teaching her children about the reality of paying for college.
As the assistant vice president of financial education and development at Rockland Trust Bank, she has been intentional about having honest conversations with her kids about college costs from a young age.
This essay outlines some of the strategies Julie has employed to help her children navigate the financial burdens of higher education.
The Rising Cost of College
Julie’s journey with paying for college is shaped by her own experiences growing up in a middle-class family.
She was fortunate enough to have her parents pay for her education at New York University in the 1990s.
While it was expensive at the time, it was a manageable cost for a middle-class family.
Fast forward to today, however, and the financial landscape has changed drastically.
College tuition has skyrocketed, and even middle-class families like Julie’s face significant challenges in covering the full cost of education.
This change in the cost of college is something many families are grappling with, leading Julie to rethink how she approaches her own children’s education funding.
Choosing More Affordable Schools
One of Julie’s first strategies in managing the cost of college was to guide her children toward more affordable schools.
While high-profile schools can be appealing, they often come with a hefty price tag.
Julie encourages her kids to explore schools that offer good value but may not have the same prestigious reputation.
She explains that sometimes, the prestige associated with a “name-brand” school is more about status and branding than the quality of the education.
For example, a school like Boston College may be popular for its football culture, but there are other schools with similar vibes that offer a more affordable price.
Julie stresses the importance of considering schools that may not be well-known but provide students with the chance to stand out while offering more financial aid.
Understanding What You Can Afford
Julie and her husband have always been transparent with their children about the limits of what they can afford to contribute to their college expenses.
This open communication is crucial, as it sets realistic expectations for their kids.
Julie explains that her children are expected to cover the difference between what their parents can afford and the total cost of their college education.
By having these honest discussions early on, Julie ensures that her kids can make informed decisions about taking on student loans or exploring alternative funding options.
Ditching the Guilt About What You Can’t Cover
As a financial educator, Julie has worked hard to save for her children’s education.
However, she acknowledges that she couldn’t start saving until her kids were in their teens.
When she did begin saving, it wasn’t through a complex college savings plan but by simply transferring a small portion of her paycheck to a savings account labeled “college.”
While she admits that it’s easy to feel guilty about not being able to fully cover the cost of her children’s education, Julie reminds parents that they often do the best they can with the resources available to them.
Applying for Grants and Scholarships
Julie encourages her kids to apply for grants and scholarships, even though these may seem like small amounts in the grand scheme of the college bill.
She explains that $500 might not seem like much when the total cost is over $20,000, but when the cost of textbooks is $80 each, that $500 can make a big difference.
Julie actively helps her children research opportunities, stay on top of deadlines, and complete applications.
Though her children sometimes grumble about writing yet another essay, Julie emphasizes that these small efforts can add up to significant financial benefits.
Asking for More Financial Aid
Once college applications are complete and financial aid offers start to come in, Julie advises families to carefully review each offer.
She’s found that financial aid packages can vary greatly between schools.
If a student receives a more generous financial aid package from one school, it’s worth asking other schools if they can match the offer.
Julie has had mixed experiences with this approach—sometimes schools are unwilling to change the package, but other times, simply emailing the competing offer led to an adjustment in the financial aid award.
It’s always worth asking for more help.
Consider Graduating Early
Julie’s son is set to graduate a year early, which will save their family thousands of dollars in tuition.
He accomplished this by taking Advanced Placement (AP) classes in high school and earning additional credits during college.
While it took hard work, Julie believes the early graduation will provide significant financial relief.
This strategy of accelerating a college degree is an excellent way for families to reduce costs while still providing a well-rounded educational experience.
The Bigger Picture
For both parents and children, the college journey is emotionally charged.
There’s immense pressure to make the right decision, and the financial implications are a major part of that.
Julie reminds families, however, that while choosing the right college is important, it’s just one step in a much longer journey.
The decisions made every day—about spending, saving, and planning—are the ones that will truly impact long-term financial health.
In the end, the true cost of college goes beyond the price tag.
With careful planning, open communication, and a realistic approach to finances, families can navigate the complex financial landscape of higher education.
Julie Beckham’s experience serves as a valuable guide for parents looking to manage college costs while ensuring their children have the opportunities they need to succeed.