It's time to have 'the talk' about paying for college, says Sallie Mae

NEWARK, Del.--(BUSINESS WIRE)--

By early April, 3.2 million college-bound high school seniors will receive college acceptance letters and financial aid award packages. By May, it's decision time. Yet too few families have prepared for this moment by having “the talk” about how they will pay for college. According to new data from Sallie Mae and Ipsos, 42 percent of parents of teenagers have yet to discuss paying for college.

To help, Sallie Mae introduces an online discussion guide for families to address college costs, financial aid, the choice of a major, student loans and who will pay for what.

“Sending a child off to college is an exciting and emotional time of transition on its own, and even more so when you add money into the mix,” says Martha Holler, senior vice president, Sallie Mae. “Having the talk about how much college costs may feel difficult now, but it will make things easier in the long run. That's because selecting the right school includes making an informed financial decision.”

Sallie Mae's discussion guide addresses questions families need to ask such as:

• What kind of college should I choose?
• How much will be the financial responsibility of the student?
• What do I have saved to contribute to college expenses?
• How much in financial aid should I expect from each school?
• How much will I need to borrow, if anything, and what type of loan should I choose?

Families can download the free discussion guide at SallieMae.com/DiscussionGuide.

Sallie Mae SLM is the nation's No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for American families, today serving more than 25 million customers. With products and services that include Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.