How to Send Your Kid to College Without Going Broke
Nowadays going to college is important for any young man or women, but the price for an education is still a huge project. If you are concerned about making the payments to send your child to college take a look at some of the options for saving on college expenses.
Are student loans a good idea?
First of all, taking out student loans can become a major burden on you and your child in the future. Choose to make monthly payments as soon as you can rather than letting added interest accumulate. A lot of companies will offer you a choice to delay payments until after graduation or even six months after graduating. However, the delays only cause interest payments to grow. Consider just paying as soon as possible to lower the cost of what will be owed after college. Having less payment will lower the financial obligation for the student later in life.
Choose meal plans wisely
If your childÃÂs college campus offers on?campus dining, think about choosing a meal plan with fewer meals. Check their class schedule and consider how often the student will actually be on campus to eat. Many college students start their school year with more than enough meal punches and end up wasting them. Think about whether your child will actually eat three meals a day on campus or not. Rather than paying for your child to eat a bowl of cereal for breakfast at the cafeteria encourage them to buy a box to leave in their dorm. It is easier than waiting in line for some toast and butter and will save you a pocket full of money. You can also consider singing up for a Student Advantage card and save a variety of expenses from books to pizza.
Don't get carried away with back to school shopping
Also, parents have a habit of getting a little to excited about sending their child to college and end up filling shopping carts full of stuff they believe are essential for student life. A lot of stuff ends up being thrown in a closet and forgotten or even just thrown away. It is important to think about what is really necessary and consider how much space the student will actually have. You can help prepare them, but why by your student a completely new set of hygiene products when you already have them at home. If you are in need of some assistance check out CollegeBoard.com and look at their list of college student necessities.
Beware the ATM card
Another aspect to take into consideration is your studentÃÂs spending money while in college. Many students get part time jobs and start their own checking account. An ATM card can be dangerous for a college student, so let your child know what it means to have this sort of privilege. An online account can make it easy for individuals to check their spending on a regular basis and make sure money is not overdrawn. Many students make the mistake of using an ATM card as a credit card because many stores offer this option. It will take a week before the bank can catch up on the charges and if they never read their monthly bank statements this can be a big problem. It might be easier for your student to use cash and only swipe the ATM card for emergencies. Plus make sure they check their account regularly. Another possibility is to let your student use READYdebit Prepaid Visa Debit Card, which wont allow money to be overdrawn. While college years can be new and exhilarating for students, it can be a difficult financial obligation for families. With a few strategies it can be a win/win situation. In addition these years can help bring open and honest communication between you and your child.