Handling a Fifth Year of College

Question: We just found out that our daughter will not graduate from college in four years because she was not able to enroll in the required classes in her major. We are unhappy about this because of the additional cost. How should we approach this with our daughter? -- Financially Drained

Answer: Unfortunately, many college students find themselves in the same boat. It is certainly important to talk to your daughter about handling this additional expense. If she hasn't done so, she needs to talk with the financial aid office to find out if any financial aid she is now receiving can continue or if any new aid is available.

There should also be a frank discussion of how her expenses could be cut. Could she find a cheaper place to live? Could she find a better paying job this summer or during the school year? Can she see other ways to cut expenses? Could she take these missing classes online for credit?