We’re approaching the time of year that letters of acceptance go out – either by snail mail or directly through the Internet. For some, it’s admission to college or graduate school, for others it means that first job offer. How are Millennials and their parents reacting to the news in these letters?
As the website Grown and Flown explores, parenting is complicated and takes on different aspects for moms and dads of teens. Leaving home for school is often a significant step in your child’s road to adulthood but college expenses have become so high in the United States that the resulting large student loans can bring about the opposite effect after graduation. When Millennials have considerable debts to repay, they are often faced with the real issue of how to reduce their expenses – and moving back home can provide a solution to their monetary pressures.
If your young adults become boomerang kids, there are both rewards and difficult aspects of their re-entry into home life. You can play a part in improving your relationship and making the transition one of growth rather than retreat, using some of the resources on our blog.
Like many other parents, you may be still covering the expenses of your adult children after college. If so, there are some measures you can employ before they leave for college to help them move toward financial independence afterwards.
So when your young adult receives that letter of acceptance granting admission to college, enjoy the moment, knowing that you have some tools in place to help with their development in the years after college.