WSJ had an informative article highlighting key questions that parents and children should answer about paying for college. What a great idea for a take-home assignment that encourages this all-so-critical conversation to happen before the college acceptance letters start to roll in this spring.

Here were the questions they highlighted with answers provided by leading experts, such as Mark Kantrowitz:

• What does the student want to get out of college?
• How much are parents willing to contribute?
• How much longer might parents have to work?
• Should the student help out by working?
• How much debt should the student take on?
• Will the student be able to pay back the debt?
• What does financial aid look like for all four years?
• Should students consider a community college?

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Check out the NGPF Activity which helps students compare sticker price to net price

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.