Please please tell us your daughter is not a HS senior now.
ETA…it looks like she IS a senior this year. So changing my comment to…please tell us that she has affordable colleges on her application list as well as those expensive ones.
The most important conversation to have with college bound kids is about finances…and how college will be paid for…and how much you can contribute annually.
I would urge you parents to discuss your finances…and look at the whole picture. Think about current living expenses. Think about retirement contributions. Think about what will happen if a parent loses a job. Think about how much you can reasonably contribute towards your kid’s college education each year…and assume a minimum of four years.
Then set a budget…and start looking at colleges. Your kid can attend any college where she is accepted that comes in with a net cost within your price point.
Every college has a net price calculator. I would urge you to use these…and believe them. Are you divorced? Self employed? Own your own business? Own real estate other than your home? If NO to all of these and you have salary income from jobs…then the net price calculators will be a decent estimate anyway.
If you can’t afford a $70,000 a year college with no aid provided…then you need to tell your kid that.
Start looking at the characteristics of the colleges she likes…and start looking for colleges with similar characteristics that are within your price point.
My suggestion…if you think you can contribute $4000 a month out of current income…start saving that in a dedicated account right now. Do that for about 6 months…and decide if it’s sustainable for four years…or not. Of course…if the college is $70,000, then you also need a way to pay the balance.
Please, please be honest with your student and yourselves. It is far better to find an affordable for you option now than to cobble together one year…and then have to have your kid transfer because the finances are not working.