Which Financial Questions Are Important for Students, Parents and Guardians to Answer Before Starting College?
By MindShift, Inc.
In the weeks before starting college, students and their families should be aware of a few questions:
Will the student be able to pay off the loans without a family member’s assistance?
If the student defaults, how much financial aid will be impacted?
If the student enters the workforce, how will they pay for housing, food, gas, groceries, and others needs?
How will the student live through college? Will there be student housing, dorms, sharing and portable living, do they need student dorms, or will they need to live on campus with family?
How will tuition be paid, including private student loans or federal student loans?
How much do students spend on fees each semester?
How much does a student have to pay for room and board (broom, bed, sheets, room, and board)?
Can students do their own laundry?
If there are no personal laundry machines or any other household appliances available, must the student bring on or take on unpaid babysitting or child care duties for family members? If not, how can a student get childcare and still graduate? How can a student deal with depression if a family member can’t help with child care or relieve stress?
Can a student turn to family members for help with paying or securing temporary housing or other needs when financial stress will become unmanageable if this is not arranged?
How will a student pay for tuition, books, supplies, transportation, housing, groceries, transportation, etc.?
How does a student keep up with college costs and learn real-world skills?
How can a student maintain a healthy and balanced diet and healthy drinking habits?
What types of services do students get for food and other needs?
What do students get for studying for classes?
What do students get for living?
How will a student pass her class?
What does a student get for using the library?
How does a student spend her time?
If a family member has health conditions requiring hospitalization, can a student attend college but stay home during hospitalization?
In many cases, the answers to some of these questions are no and yes. If the following questions appear daunting, or will not provide sufficient clarity, your student or guardian may want to call the college to get answers.
Could parents or guardians help with paying tuition in exchange for supporting the student’s education?
Could a parent or guardian pay tuition for tuition only or for additional things such as books, supplies, food, transportation, and/or housing?
If a parent or guardian wants to contribute financially to the student, can he do so for only a limited amount of time or can he and the student split the payment?
How will a parent or guardian know if students are getting school supplies they need?
Can the college monitor a student’s money wisely? Does it have rules and procedures in place to encourage student success?
What are the school’s concerns about a student’s financial life? How would the college’s financial office check on a student’s progress?
Will a student really get to live off campus? How does the student’s fellow students and parents deal with changes in the student’s academic schedule?
Do parents have time to help a student overcome financial restraints and find ways to handle the same financial and academic issues in a productive way?
When a parent or guardian should move into the dorm, how does the student’s roommate treat family members in the dorm?
What happens when a roommate’s roommates don’t respect a parent or guardian?
Do students need help with opening bank accounts, opening bank accounts and brokerage accounts, or buying a house?
How does a student or guardian handle emergencies, most importantly suicide or other issues, if this is a significant issue in their lives?
Are mental health classes offered at the college?
The internet is flooded with websites that promise to help students overcome money and academic pressures. Many lack useful information and guidance. Some promise to resolve current financial issues or improve children’s academic careers, but many deliver worthless advice.
This article is part of MindShift , a publication from TAKEN by Holistic Physician Dr. Rababiah Zargaran-Smith at Merry Mind Connection, MSA. There is information on financial aid, college admissions, and more in her new report, “Ready to Go: Preparing Your Child for College Success.” Available for free to MedNews Today subscribers. Find out more about Holistic Physician Dr. Rababiah Zargaran-Smith by visiting Facebook.