How Much Financial Help Should You Give Your College Student?
College is a formative period during any young person’s life. They learn a lot about what they want to pursue as a profession, establish habits for organization and time management and learn how to deal with more real-world situations.
College is also an important time financially for students. As a parent of a college student, you know this and want them to grow more responsible for their own finances. But at the same time, you also don’t want to let them go underwater financially. What’s a parent to do?
Lincoln Savings Bank has come up with a guide to help you know which costs are okay to help your college-aged child with and which you should put on them.
Tuition, room & board (if on-campus), meal plan- these make up the bulk of the costs of going to college. If you’ve been saving to help pay for college, these are the costs you should be paying towards. Your student will most likely have to take out loans to cover some of these as well, so you can make payments on the interest of those loans while they are still in school.
Textbooks- the prices of textbooks have skyrocketed, and most campus bookstores don’t offer a good repayment program when the semester is over. They are required for your child’s classes, so it’s okay to help them if they’ve looked for used versions or special online offers to cut costs.
Mobile phone plan- chances are you were already paying for their phone before they went to college, so don’t stop now. After all, how are you going to call them every night if they have no service?
Necessary room furnishings- a space heater for cold nights? Sure. A chair to relax in after class? Sure. A 72-inch flat screen TV? That’s on them.
Emergencies- cars break down, bodies get sick, and people get injured. When it comes to your kid’s health or ability to get to or from school, you should definitely lend your support
Steer completely or mostly away from costs associated with:
Having fun- there are plenty of ways to have fun for free, so anything that costs money is on your child to pay for.
The latest technology- it’s a given that your student will need a laptop computer these days. Have them save up for their own computer (you can help a little if need be) or any other tech devices they want. The computer is a necessary for classwork, a new iPhone, iPod and iPad are not.
New clothes- sure, you don’t want your kid to be the “weird one” wearing clothes from sophomore year of high school, but a new wardrobe should also fall on their shoulders. You can pitch in, but most of the burden should be on them.
Pizza on Friday nights- or going out to eat in general. If your student has a meal plan and chooses not to use it, that is their choice.
Off-campus housing- if they want the increased freedom of living off-campus, that should be covered by income from a part-time job. Get them started with the first month’s rent if need be, but let them know the rest is on them.
What other costs do you think should be on this list?
We hope following these tips not only allows you to save a little money, but also to let your student grow while being there for them if they truly need it. For more about how Lincoln Savings Bank can help your college student make the most of their limited finances while in school, come by your nearest LSB branch today!
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