Student Finances: Checking In
When it comes to financing college education, all families have unique circumstances and approaches. Students may be expected to contribute anywhere from zero to 100 percent of their tuition, room and board and living expenses, or assume the repayment burden of student loans.
Campus experts urge open lines of
communication between students and
parents regarding finances. The summer can be a particularly good time to assess how financial arrangements worked for the first year, and whether or not they should be adjusted for the future.
- Start by asking: Was it difficult to get through the first year with the amount of money available? If so, why? What changes, if any, need to be made for next year?
- Ask your student to consider part-time work. A ten- to fifteen-hour per week job commitment will not only provide extra income for your student, but also may be a valuable out-of-class experience. If your student had a part-time job, were grades affected? If grades were lower than expected, could that be due to working too many hours?
- If finances fell short, the Financial Aid office can be an excellent resource for students and families to turn to for additional advice.
Having these discussions will help your student start working toward financial independence, with the goal of even greater self-sufficiency as graduation approaches.
For more information about financial matters and resources available on campus, visit the Parent Program Financial Matters page or contact Parent Program staff.