College Bound Finances

It’s never too early to begin preparing your student for their financial responsibilities

By Nancy Sessler, Locke
Vice President of Finance, Appleton Learning

Choose an affordable college.  College is expensive, be realistic about what you can afford. Consider options such as having your student attend a community or state college for the first two years and then transferring to a four-year university. 

Create a budget and stick to it.  Work with your student to establish spending limits for tuition, textbooks, living costs and extras like an occasional Friday night pizza.  Review the budget periodically; track all expenses.  Once you know where the bulk of the money is being spent, you can work on ways to reduce these costs.  Textbook costs may potentially be reduced by buying used, renting books or downloading them from the Internet.  Also, if your student wants extra cash, it doesn’t have to come from mom or dad’s pocket.  A part time job may be the answer.

Be very careful with credit card debt. Credit cards can be tempting for students living on a budget.  Have the bills sent to your home and review them with your student.

Have your student live the life of a college student.  Find the least expensive way to live, which may be living at home, in a dorm room with a food plan or in a shared apartment.  If living in an apartment, teach your child to cook simple dishes so he or she is not eating out all of the time or relying on expensive prepared foods.  If reasonable, ask your student to use public transportation or walk instead of having the expense required to maintain a car.

Apply for scholarships.  Keep a calendar for application deadlines and apply in a timely fashion.  Your student may be able to get free money.

Ensure that your child scores well on their ACT or SAT.  It may be worth spending money up front for test preparatory classes to ensure that your child reaches their highest potential score to open up doors for scholarships.

Establish financial discipline with your student prior to them being on their own their first year of college!

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