One of the difficult parts about researching colleges is that kids have to apply without parents knowing what it is actually going to cost.  You know the listed price (tuition, room and board, etc.), but you don't know how much financial aid you receive until you are actually admitted to the school.  So how can parents assign any kind of financial guidelines to the kids' college search?

If your kids are starting to talk about colleges and you're starting to worry about the costs, here are three basic guidelines to keep in mind.

1. Don’t necessarily eliminate a college based on the cost.

Every financial aid talk I've heard emphasizes how much money is actually available for college.  And the amount of aid you can receive isn't dependent only on how much money you have (or don't have).  The academic strength of the student, her match with the school, and the college's desire to have her on campus can also influence a financial aid award. So while I wouldn't recommend applying to a list of schools that are all out of your price range, don't necessarily limit your list to colleges you're sure you can pay for. 

2. Talk with your kids about the cost of college.

I don't think parents should feel obligated to hide the economic realities of college from their kids.  It won't hurt kids to know how much money is being invested in their education; a student who knows how much his parents are sacrificing to send him to college is more likely to get up for that 8 a.m. calculus class every day during his freshman year.  Don't forget that while parents may be paying the tuition, student loans are taken out in the student's name.  And it will be the student–not the parent–who takes that on-campus job as part of a work study financial aid award.  That’s why college financing is often a family decision whether you want it to be or not. 

3.  Consider picking a financial safety school.

Consider encouraging your student to apply to at least one school where you're sure the student
can get in, you're sure he'd want to attend, and you're sure
you could pay for it even if you got no financial aid.