Preparing Financially

Once you and your student have developed a plan to pay for his or her higher education, you must create a plan to handle the student's everyday expenses.

In general, your student should plan on between $100 and $300 a month in spending money. That will be used on items such as:

Help your student develop a budget to cover these items. Stress the importance of maintaining the budget. The following are some tips for covering a student's daily expenses:

Credit cards are now a fact of life for most adults. The same is becoming true for college students. Students can now receive a credit card regardless of their credit history (or lack of one). Some colleges now have credit counselors to help those students who have fallen deeply into debt.

If you allow your student to have and use a credit card, keep these thoughts in mind:

Adapted from a publication from the Minnesota Higher Education Services Office