For the next several days, I’m going to be sharing some Back to School tips for parents. These tips will be for current high school parents and those parents whose students are heading off to college.
Today’s tips are for parents of current college students, especially those who are heading to college for the first time.
Assessing expenses outside of tuition
Colleges post estimates of anticipated living expenses but those are estimated costs and you should be aware of costs that aren’t necessarily included in those estimates.
By the time you add on lab fees, student fees, dorm damage deposits, technology fees, parking and car registration, activity fees, and the elusive “miscellaneous” fees, you will add from $1000-$5000 in fees to your college bill, depending on the college.
Added to these, you can tack on the cost of books, Greek life, meal plans, and dorm, computer or health insurance to total college costs. And don’t forget travel expenses if your student chooses to attend a college far from home.
Evaluating the student meal plan
Most freshmen are required to sign up for the full meal plan which includes three meals a day. Check to see if you can opt out of this plan and choose on that is less expensive. If not, ask when it will be possible to change meal plans.
If there is no option, encourage your student to take advantage of the plan and stick to the campus options. Students often spend a large amount of their budget on outside dining: pizza, subs, coffee, etc. These options are almost always available on campus.
Plan for travel expenses
Be prepared to budget for travel for Parents Weekend (and make hotel reservations now–hotels near campus will fill quickly). There will also be travel costs associated with returning home for Thanksgiving, Christmas and possibly spring break.
Review financial aid
If your student received grants and/or scholarships, review the guidelines, It’s a good idea to ask about any requirements attached to each. If your student has to maintain a certain average, take a certain number of hours, or meet certain requirements in order to keep the scholarship or grant, these should be clearly stated upfront. If not, be sure to ask.
Don’t forget to ask if the award is renewable for next year and if it will increase as tuition increases.
Help your student with a budget
Decide how much money they will need each week and help them stick to that budget. Your student needs spending money for entertainment, personal essentials and other expenses. How you choose to provide that money is up to you. But communicate to your student that you expect them to stick to the budget and not overspend the amount you agree to.
If your student is participating in the work-study program, they will be paid directly by the college. Although that money is factored into financial aid, once they receive that money, they are free to use it as they see fit. If it needs to go toward tuition or room and board, make sure to communicate this to your student.
These Back to School tips should help you and your student prepare for the upcoming college expenses that aren’t included in tuition, room and board.