Your daughter has been accepted into her top college. She\u2019s spent the last three hours stalking her roommate on Facebook. Now she\u2019s trying to figure out which wastebasket best matches the color of her new sheets.<\/p>\n\n\n\n
While students are laser focused on these kinds of issues, parents often have different priorities. They want to know about finances, safety, and what to do in a medical emergency. They want to know how to prepare their child for any situation.<\/p>\n\n\n\n
Having gotten our four children into college and helped countless others, Jackie and I at Class 101 Cleveland OH Southeast get questions about these topics often. Based on our experiences, we have four helpful tips for parents sending their children to college for the first time.<\/p>\n\n\n\n
While easy to overlook in the hustle and bustle of summer, access to money is important. It lets your student better manage her money should she decide to get a job. It also lets her withdraw spending money for school. When our son A.J. moved to Washington, DC, he realized he wouldn\u2019t be able to deposit checks from work because our local bank had no branches in the area. To survive, he had to switch.<\/p>\n\n\n\n
You can generally use Google to find options within walking distance of the college. We\u2019d recommend using a larger and more established institution as they should be familiar with a college student\u2019s needs.<\/p>\n\n\n\n
As with a bank account, a credit card can be a useful for finances. Not only does it let your child build a line of credit, but it can also be useful in an emergency. Just make sure your child uses it responsibly.<\/p>\n\n\n\n
Because they have lower requirements than most alternatives, we find Discover is often the easiest for students to acquire. If your child has a robust financial history, other options might be available. We\u2019d recommend applying early in the summer as the application process takes time.<\/p>\n\n\n\n
When your child turns eighteen, she crosses the threshold into adulthood. That means she can experience many more things, most of them exciting. But it also means she isn\u2019t legally under your control anymore. Should disaster strike, you won\u2019t be able to make medical decisions on her behalf without first securing her medical power of attorney.<\/p>\n\n\n\n
If possible, we would encourage you and your child to sit down with an attorney about what to do should an emergency happen at college. Based on these discussions, the attorney should be able to draw up a binding legal agreement upon which you and your child both agree.<\/p>\n\n\n\n
Whether she chooses an on-campus dorm room or an off-campus apartment, it is important to ensure your student has sufficient protection for her belongings. College renters\u2019 insurance specifically tailors itself for students\u2019 needs. This coverage may fill any gaps that may exist in the coverage extended from your homeowners policy. Many colleges and universities offer college renters\u2019 insurance, so you should contact the college directly. <\/p>\n\n\n\n