Discuss Finances With Your Students

From the very beginning of the college experience, set the expectation
that you will discuss their finances on a regular basis — in a
non-threatening way, about what is working financially and what is
not. Financial pressure is stressful. Together, discuss solutions to
their financial expenses. The student is part of the solution. Do not
ignore their finances until they are in trouble.

If your student is not coming home during the semester, these
“business meetings” can take place on the phone.

Sometimes as a parent, you need to understand the exact expenses your
child is incurring. Have your student write down their expenses so the
allowance can be appropriate.

Credit cards are mailed to students on a regular basis with promises.
Cut them up. Under no circumstance should your student be accepting
credit cards. Encourage debit cards.

If your child is on a scholarship, or a work-study program that
requires reapplication, make sure you know the deadlines. Also, if a
student loan needs to be updated, note the dates on a calendar and
make sure the applications are in on time.

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