You’ve Paid your Child’s College Tuition—Now What?

Sending a child off to college is an exciting and expensive time, and you’re probably reminded of this when you fill out the first tuition check. However, paying the tuition bill is just the first of many expenses that await you and your student as they complete their college education. Housing, books, a meal plan, and extracurricular activities are just a few of the many additional expenses that will quickly pile up on top of the tuition bill. That said, knowing the possible expenses that await you and your child and how to prepare for them is an excellent way to get ahead of the curve and avoid some unwanted surprises!

Talk to your Child

Before you begin budgeting for any additional fees and expenses, it’s important to sit down with your child and ensure that you both understand how certain things will be paid for. Some parents provide their children with an allowance to pay for food outside of their meal plan, while others may give their child a credit card to be used only on certain items. Some students may have a car—and thus pay for parking— on campus while others do not, and deciding whether or not your child will is another important decision. In all, being on the same page with your child is paramount in understanding where and how additional money will be spent, and will make both you and your child’s experience much easier.

Look into a Work Study Program

At many colleges and universities, there will be opportunities for your child to work and earn money both for themselves and for a bit of additional financial assistance on their tuition bill. There are countless jobs that allow students to work around their class schedule and provide them will valuable experience towards being in a work setting after college. As such, communicating with your child and understanding if they’ll be working while in school is a great way to also alter and improve your budget—after all, if your child is earning money at work, then they can assist in paying for some of those extra expenses that often appear in college.

Plan for the Unexpected While planning for the unexpected is just good practice for any sort of budget, doing so with a child in college is of extreme importance. You may think you’ve planned well and sorted everything out in your budget, and then an expense that you hadn’t even thought of can suddenly come along. For example, if your child is taking a course in which they’ll be working in a lab—which most freshman will be for their general education courses—they’ll be paying for much more than just a textbook. They’ll need to buy a lab coat and lab goggles, to pay an additional lab fee, and to perhaps buy an additional piece of equipment for their time in the lab. In such cases, what was originally going to be a simple fee for a book turned into a bill for five different items—four of which were unexpected.

In all, understanding the numerous hidden fees and expenses that your child will encounter while in college is crucial in putting together the right plan and budget. Correctly planning for such challenges only serves to make the time your child spends in college easier on both you and them. Contact Carolina Money Minders for more help budgeting college expenses.