Tips on How to Financially Prepare Your Child for College

Going off to college is one of the most exciting times of your child’s life. Away from you, and living alone for the first time, it can be a big change. Perhaps the biggest change that comes with college is financial change.

A lot of schools require that their college freshmen live on campus. You can also purchase a meal plan for your child so that eating off-campus won’t be necessary. Since your child will likely arrive at college with the things needed the most, such as a computer and clothes, that leaves little expenses but these expenses do add up, such as money for laundry. A college dorm might require that change be used in the machines or sometimes a student can load cash on a laundry card.

Let your child know that just because he or she is in college, doesn’t mean a job is not necessary. A non-stressful, easy schedule permitting, it is more than possible to work part-time and go to college. If your child doesn’t want to work while taking college classes, suggest getting a summer job so that he or she can save money for the fall.

It is generally best to avoid emergency credit cards in college. Your child’s definition of “emergency” will most likely be very different from your definition. He or she will be graduating with plenty of student loan debt, and having credit card debt on top of that will only make life post-graduation that much harder.

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