4 Things To Know When Your Child Is Attending University

Recently, my wife Marina and I walked into the North Reading High School auditorium. As we took our seats, my eyes went straight to the bottom line of the PowerPoint slide: “North Reading Class of 2037”. We were there for a Kindergarten informational session, but my mind was stuck on 15 years into the future when we’ll likely have 2 kids in college.

After the initial panic, I was thankful to have a decade and a half to think about this. However, for parents of rising junior and graduating seniors, they need to be well prepared for what’s coming next. While picking the sheets and shower caddy are important, let’s look at the 4 things to consider before sending your child to college this fall:

FAFSA, Student Aid, & Scholarships – Tuition and fees are just the tip of the iceberg; room and board, textbooks, transportation, and personal expenses also contribute to the overall cost of college. Fortunately, various financial aid options are available to help offset these costs. FAFSA (Free Application for Federal Student Aid) is a crucial tool in determining eligibility for federal grants, loans, and work-study programs. Additionally, many colleges and universities offer scholarships and institutional aid based on academic achievement, talent, or financial need. Understanding these options and deadlines is essential for maximizing financial assistance.

Medical Forms – No parent wants to think about their child being injured while away at school, but that doesn’t mean they can’t take steps beforehand in the event they need medical attention. There is a HIPPA authorization that releases some medical records to designated recipients, such as parents. Further, a healthcare proxy or durable power of attorney allows someone to make decisions on behalf of an individual that may become incapacitated. Each state’s form is a little bit different and may require notarization, so be sure to check what is required in the state your child is attending.

Establishing a Budget and Financial Plan – When I left for college, I remember having a talk with my dad. We talked about me finding a work study job on campus, and he made it very clear the credit card was for emergency uses only (not beer runs). This is a good start, but today it’s important to set clear financial expectations for parents and students about money while they are in school. What costs will the parents cover? How much discretionary spending is reasonable? Having these discussions early and emphasizing their importance goes a long way to creating good life-long financial habits.

How to Stay Connected – Whether going to college in the same state or across the country, experts recommend parents and students decide before leaving for school how to stay in touch. This includes the frequency as well as method (phone, text, FaceTime, etc.). A heartfelt card or care package can also be a nice way to let your child know you’re thinking of them without the everyday communication they might’ve been used to.

Our oldest son Austin will have his preschool graduation this June, and Lila will start school in the fall. FAFSA and financial planning conversations before college are still more than a decade away for us. The best part of being a CERTIFIED FINANCIAL PLANNER ™ is preparing our clients and my family for life’s many milestones. But for now, we’ll enjoy the early morning snuggles and messy dinners.

Patrick Hanlon is a Certified Financial Planner CFP ® at Bickling Financial Services and has been in the financial services industry for 15 years. Patrick can be reached at (781) 862-9792 and patrick.hanlon@bickling.com.