Parents, you’ll soon be taking your freshman to college. Help him check off the following so he can begin keeping things affordable even before he arrives.
[ ] Apartment or Dorm Necessities
Make sure he has that blanket, mattress topper, printer, personal toiletries, pillow, sheets, and other basics not supplied by management. Space will be limited so don’t take too much extra stuff. And buy what’s needed before leaving. Merchants in college towns often charge high prices.
[ ] Coordination on Shared Items
Apartments and dorm rooms can only hold so many appliances, dishes, extra furnishings, posters, TVs, and such. These can be costly. If possible, he should contact his roommate(s) to decide who’ll bring what.
[ ] Key Money Management Knowledge
Today’s students face rapidly rising costs. They take on big debts to pay those costs. They get bombarded with credit card offers. But many don’t know about things like inflation, interest, debt, and financial record keeping. Make sure he’s not one of them.
[ ] Spending Plan
He needs to project what’ll remain after funds available for the academic term pay tuition and required fees. This’ll show what’s left to spend for the full term. Divide by the total weeks in the term to reduce his chances of running out of money before finals.
[ ] Do What’s Needed to Receive Loans
Loan funds don’t arrive until 5-10 days after new borrowers finish certain steps required to receive them. Unfinished steps can lead to missed payment deadlines or being cash-poor early in the term. So have him double check to make sure all these steps are complete.
[ ] Return Unnecessary Loans Funds
Some spending plans show that extra money will be available. Their freshmen can return some of what they borrow before the term ends. This’ll cut the interest they pay. Later in the term, if it turns out they need what was returned, the financial aid office can usually help them re-borrow it.
[ ] Credit Card Management
A freshman who has or will get credit cards needs to know how to handle them — that he’s borrowing each time he uses them, the date by which his monthly payment is required to avoid high interest charges, and that he shouldn’t use them use them to splurge or spend money he doesn’t have.
[ ] Key Deadlines
By what dates must tuition and fees, room and board or rent be paid? Missed deadlines can result in late fees, other extra charges, and even eviction. They can also hurt his credit rating.
Want more information? Contact College Affordability Solutions for a no-charge consultation.