Category Archives: parenting

college costs, parenting

Cash management strategies for college-bound students

 

cash management strategiesParents hope the basic principles they instill on their kids – honesty, confidence, work ethic and compassion – will accompany them to college. After that, those life-enhancing habits that usually come through experience are just a bonus. Stable cash-management strategies are among the most elusive traits for high schoolers. While some work their first jobs in high school, college-bound students struggle with long-term budgets, disciplined spending and volunteer restraint.

Your child will learn money-management strategies one way or another. Why not start preaching disciplined financial values early? You could save her countless nights of eating ramen for dinner. Whether your pride and joy struggles with credit card spending, paying bills on time or maintaining a budget, these cash management strategies will enhance your child’s college experience.

Budgets Don’t Budge

According to Bankrate.com, 40 percent of American adults don’t have a budget. With the country drowning in debt, it’s time parents re-embrace the basics of sound personal finance. Rule number one: draft a budget. Structured spending is particularly important in college, where books, clothes, sporting events and parties threaten to suck the life out of any bank account. Whether on scholarship, working or receiving allowance from home, the ability to allot a set amount of money for life’s necessities is an invaluable skill.

Emergency Plastic

No parent wants their kids to be poor, hungry and alone at college. While such a scenario is unlikely, many react by shipping their scholars so-called “emergency” credit cards. By the time they reach their final year of college, 91 percent of students have at least one credit card, according to CBSnews.com. While you envision this card as a last resort, your child may see it as a remote portal into your wallet. If your child has a credit card, discuss the proper uses and potential consequences, such as a late-payment penalties, interest and a poor credit score.

If It’s Broke, Fix It

Experience is the best teacher. As your kid enters the next chapter of his life, maybe its time to cut off the allowance upon which he has depended. Working teaches the value of a dollar and instills a heightened sense of responsibility. According to Kansan.com, students who work part-time jobs get better grades than students who do not work. As they balance work and school, students develop time-management skills and build their resumes.

It Rains at College

The last thing a college student wants to think about is a financial safety net. After 18 years of living with parents, students relish the chance to break free of restraint, restriction and reality. Life happens in college and a savings account can be a vital safety net. Teach your child the merits of saving for a rainy day. You probably have every intention of supporting them financially in a time of need, but later in life, they’ll be on their own. Or, worse yet, they will “boomerang” home after college. Better to learn that lesson with room to fail.

admissions, college guidance, college planning, parenting

Helping your child choose the right college

 

prepare for college

As a parent, you may have fond memories of your college years. Perhaps you were not able to attend college and you are excited your child will have opportunities you didn’t have. You may also have strong opinions about where your child should attend college, what they should study and what type of study format the institution follows (for instance, online versus on-campus).

Ultimately, your child is the one who will have to register, attend classes, keep their grades up, graduate and translate their education into a rewarding and lucrative career. Find a balance between your opinions, and your child’s interests and goals when working together to choose a college.

Decide on a Basic Field of Study

If your child has no idea what they want to pursue for a career, then often the best choice is to locate a two-year college where your child can get their basic coursework out of the way. In the meantime, they can work with a career counselor to take skills tests and narrow down their choices to a field of study that will work for them. However, if your child knows what they want to study, then that can dictate the colleges you research.

Set Your Budget

Once you have narrowed down your child’s interest to a range of possible majors or one major, set your budget. This tells you how much you can contribute to your child’s college education and how much must be financed through loans, work-study programs, grant and bank-funding. Setting your budget means having an open and honest conversation with your child about what your budget will and won’t cover. You can discuss at this time whether your child may want to take the summers off to work and earn money toward their education, carry a part-time job while in school or other means of funding as well.

Discuss Learning Style

Another important aspect of helping your child choose the right college is to determine their learning style. Some people learn very well in a self-paced format, such as at an online institution where they can take classes around their work schedule. Other people have trouble learning unless they are in a “live” classroom setting surrounded by the interaction of others students and professors. Choosing the right learning environment will be key to your child’s college success.

Create a List of College Prospects

Once you have identified basic elements such as budget, learning style and field of study, create your list of college prospects to research. You and your child can make a spreadsheet to evaluate each college based on a series of factors important to you both. This makes it easy as well to track application and admission requirements, required fees, financial aid options and more — all will aid you in your child’s final selection.

Apply to Your Chosen Schools and Fill Out the FAFSA

Once you have narrowed down your choices to the top three to five schools, apply to each school. You will need to help your child fill out the FAFSA (Federal Application for Free Student Aid) to qualify for financial aid through the school’s financial aid office.

Visit Colleges Again

Once your child has been accepted at one or more colleges, visit these schools again if they plan to attend on campus. This way, your child can decide on the best fit in terms of school size, campus environment and other factors that will influence their decision.

By following this step-by-step process, you and your child can find the best college for their interests and budget. In the future, if they choose to apply to graduate school for a leadership degree or another program, they can use a similar process.

 __________

About the Author: Mary Wilde is mother to three college-aged kids. She has used the techniques in this article to help each child find the perfect college for their interests, needs and goals. 

campus security, college housing, parenting

5 College safety tips for women

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college safety for womenCollege can be an adventurous, validating and exiting time in a young woman’s life. Unfortunately, there are predators out there that put many of these young women’s innocence and lives in danger. According to statistics, college women are most in danger of being sexually assaulted or raped – up to 20% more likely. The numbers are staggering and college women are far more susceptible than other women in our society. While this is a sad and heartbreaking truth, there are a number of ways that women can stay safe and protect themselves. One of the best ways to do this is to be less vulnerable as possible and to be completely aware at all times. Here are 5 college safety tips for women.

  1. Always be prepared. It might be smart to take classes in self-defense. In many communities there are basic combat training programs that can teach a young woman what to do in the frightening instance that someone is trying to attack them. They will learn how to preform chokeholds, assault prevention tactics, and even learn how to use certain common items, like car keys as weapons. It might also be smart for young women to carry pepper stray in their purses.
  2. Always travel with one or two other people. If you are at a party, make sure to walk home with a friend or two. Or ask someone that you can trust to take you home, either by walking or by car. Most incidents of attacks and sexual assaults happen to women who are walking home at night, alone.
  3. Always be alert. If you are walking home alone and it is getting dark, be extremely aware of your surroundings. If you hear a sound or if you think someone is following you, immediately call the police or have your phone ready to dial 911. If you do get attacked, at least the police will be on the way to protect you and apprehend the suspect.
  4. Always keep an eye on your drink if you are out at a party or a bar. There are too many instances where a young college woman will be at a party, goes to the restroom and leaves her drink unattended. This can make you highly susceptible to a date rape scenario, because there are people just waiting to drug your drink in order to render you incapacitated. It can be extremely frightening for a young woman to wake up in completely unfamiliar surroundings and not know how she got there or if she has been taken advantage of. Go to a hospital immediately if this happens so that you don’t destroy evidence that can be used against your attacker and be sure to mention you have Florida health insurance or health insurance from any other state and you believe you have been attacked,
  5. Lastly, don’t ever be afraid to call the campus police to escort you back to your apartment or dorm room. It is always better to be completely safe, than sorry in the instance that you are out late and need to walk home in the dark. You’ll thank yourself when you are safe and sound in your room.
college planning, parenting

5 Great discounts for college students

 

student discountsThere are many benefits to continuing academic studies, difficult as it may be. The long term payoffs are obvious, but there are several ways young adults can use their status as college students to make their lives easier in the present. Businesses everywhere understand the difficulties of managing finances during college, and many offer discounts to students. Discounts for college students like these can be a boon to any college student, especially in a rough economy where money is tight.

  1. Tech Benefits
    Going to school without a computer today is feasible, but some would consider it academic suicide. Students need access to current technology in order to get ahead in school, and computer manufacturers understand this fact as well as anyone else. Many leading companies offer competitive discounts on their computers and other tech products. Students can save hundreds of dollars on computers from Apple, Sony and other leading brands by inquiring about discounts. Students who purchase directly from Microsoft can get the Office Academic suite at a greatly discounted price. All students should take advantage of these offers.
  2. Cell Phone Contracts
    It can be difficult to keep up with cell phone bills, especially in an era of data plans that are driving up rates across the board. Luckily, student discounts can help alleviate this strain. Almost all major cell phone service providers offer a student discount, and many customers may be eligible for these benefits depending on their schools. T-Mobile offers discounted rates to students registered with StudentRate.com, and other companies offer discounts based on school affiliations. Everyone should be sure to inquire about student discounts on cell phone service.
  3. Auto Insurance
    The student driver has an especially difficult life. Dealing with campus parking and sky high gas prices would be enough, but insurance compounds the problem significantly for students and parents alike. However, doing well in school can be its own reward in this case. Most auto insurance providers offer a good student discount. By sending transcripts and reports of good academic performance to auto insurance providers, students and their parents can get greatly discounted monthly rates.
  4. Entertainment and Education
    Students can’t spend every waking moment of their lives in the libraries and lecture halls, but fortunately there are plenty of discounts available for experiences that can be both fun and educational. Almost all movie theaters offer a special discounted price for students. Museums usually have similar offers as well, often granting students free admission. Students who are interested in music, dance and theater can also get discounted prices on admission to exciting concerts and shows. Students should always inquire about discounts like these before paying full price.
  5. Shopping
    When shopping for school supplies, students can benefit from visiting local retailers and inquiring about discounts. Art students, for example, are often offered discounts on their expensive supplies when they visit shops and supply stores near their schools. Plenty more information about free items and student discounts can be found here and all over the web. No student should ever go shopping without this knowledge. Discounts like these can make any students life a whole lot easier.

 

parenting

How to help your student overcome body image issues

 

body imageNegative body image issues can lead to frightening pathological and psychological conditions like anorexia nervosa and bulimia, which can subsequently lead to a whole host of negative health effects. There are over 10 million female college students and over 8 million male college students with eating disorders. Due to the burdens of college, being away from home, stress and other factors, college students are even more susceptible to developing negative body issues. They might even put on weight from increased levels of stress, which can send students even further down a negative path and can effect both their grades and well-being. How can you help your college student overcome body image issues?

Determine the source of the problem

One of the best ways to help your student overcome their negative body issues is to find the source of the problem. Usually the source lies in a number of external circumstances contributed to the stresses of college, like waiting to the last minute to study for an exam or keeping a bad grade a secret. In most cases, these stresses can become internalized and will result in a negative self-image. However, by working with them to manage their stress, it can greatly reduce their body image issues.

Get them some help

You can also find them a psychologist near their school or perhaps even the college has a therapist they can speak to on a regular basis. Many young men and women need a therapist while they are in college to work through their stress. Because stress can cause students to gain weight, it can also make their body issues that much worse. Researchers say that students perform better in school if they have some sort of counselor to work with them through their stress while in college.

Take drastic measures if necessary

Next, if your child is showing signs of an eating disorder that is affecting their health, it is recommended that you admit them into an in-patient program at a hospital or a clinic. This can be the best way to save their lives, because eating disorders can be deadly. Usually, your college student will wait until it’s too late to share with friends and family that their body image issues have gotten so out of hand that they can barely take care of themselves and is effecting their health negatively. They might show signs that they are hording food, binging or not even eating at all, which can lead to a number of negative health effects and even death.

In the end, if your college student is always talking about their weight or asking about cosmetic surgery like cosmetic jaw surgery, because they have become obsessed with their appearance, these can be signs that they have developed some sort of pathological body image issue. You can get to the root of the problem before it gets out of hand, you can have them get help from a psychologist or a counselor at school, or even have them admitted to a clinic or in-patient program if their body image issues have turned into an eating disorder. Early intervention is the key to helping your student overcome this unhealthy behavior.

college planning, financial aid, organization, parenting

Basic accounting for your student

 

basic accountingMany students graduate high school and head off to college with no real experience with money. Sure, your child may have worked a part-time job to pay for the movies and to put gas in the car, but that doesn’t mean he has any understanding of accounting. Basic accounting for students is easy enough to master, as long as you take the time to sit down and truly understand the meaning. As a parent, it’s up to you to make sure this happens. You might not see the point, as most accounting details are automated these days. But perhaps your child plans on studying accounting as a major? Additionally, if your high school student has any plans to get involved in the world of business, accounting skills will always serve him well. Here are some of the basic accounting concepts for students.

Affirm the basic concepts

At its heart, accounting is all about tracking numbers. The concepts are big, but you’re basically monitoring how money and resources move from one place to another.

Start off by discussing some simple definitions. You can begin the process by discussing assets. Most parents know that an asset is anything that a company or an individual has at their disposal. This could be products, people or cash, but the value of a business (and an individual) usually boils down to the assets on the books. Then you have liabilities. A liability is anything that belongs to other parties. That could be a debt or it could mean a contract that hasn’t yet been fulfilled. College students will most often experience liabilities when it comes to credit cards. And the more liabilities on the books, the more difficult your financial situation. Finally, there’s equity. Equity could be a financial investment put towards goods or services, or it could be money paid towards a debt, such as when you repay a mortgage.

Good debt versus bad debt

There’s such a thing as good debt versus bad debt, and that’s a difficult concept for the beginning accounting student. For example, a student loan is looked at as good debt, because it is stable, usually has a low interest rate, and was accrued in order to better the student. A credit card issued by a retail store is bad debt, because it often comes with a high interest rate and will lower your credit score.

Moving on to the balance sheet

The balance sheet is quite similar to the budget your student should begin to use now that he’s joining the adult world. It tracks those three elements, the assets, equity and liability, to give you an overall snap shot from one moment in time. The first real lesson of accounting is to bring the balance sheet to a state of equality. That means in an ideal world the assets and equity would either equal or outweigh the liability. Otherwise you’re operating at a debt, and that’s bad news for all involved.

Ask a CPA and accounting firm how they handle balance sheets, and they’ll probably laugh. That’s a core of their business. Just because it’s a basic of accounting doesn’t mean you understand it and then move on. The opposite is actually true. Learning to trust the valuations determined by a balance sheet is crucial, to running a business or running your personal expenses.

You can easily explain basic accounting to your student

Don’t spend more money than you take in. Don’t borrow more money than you can afford to repay. Once they have these basic concepts down, they can carry them to college and use them the rest of their lives.Put in the work now to help your young student comprehend these basics, and they’ll be much better off in the long run.

 

college guidance, college planning, financial aid, parenting

Should you co-sign on a student loan?

 

student loans

As a parent, you probably want to do anything within your power to make your child’s dream of college come true. Hopefully you’ve saved up enough money to help them afford tuition, but that college fund may not stretch nearly as far as you once thought it would. Tuition rates continue to rise and finding grants and scholarships take some work on the part of your college-bound teen. For the vast majority of students and families, taking out loans is the only recourse. But some private loans will require you to co-sign on your child’s behalf. This complicates things, and could cause a host of problems. But, should you co-sign on a student loan?

It’s important to remember that any loan offered by the federal government will never require you to co-sign.

Those loans make up the bulk of the borrowed money for any student, and they come with low interest rates and controlled payback periods. In addition, some federal loans won’t accrue interest or require any payments to be made until after the student graduates. Federal subsidized Stafford loans do not charge interest until graduation. Unsubsidized Stafford loans begin charging interest on the day they are disbursed.

If you’re being asked to co-sign, that means it’s a private loan.

You must make sure that your child has looked for all government loans first before going this route.Repaying a private, co-signed loan is also far less flexible. You may have to start paying it off immediately, and the lenders don’t always offer the same deferment and forbearance options as the government. This makes it much harder to manage repayment, which also greatly increases the chance of a loan default. If your child does need some sort of deferment, they’ll often be charged a fee to do so. Overall, this option is far less favorable.

Co-signers are held responsible.

Keep in mind that as the co-signer you will be held responsible if your son or daughter fails to make payments. In fact, the lending institution will consider you 100% liable for this money, just as if you personally borrowed it. You don’t ever want to think about your child running into these sorts of problems, but it happens all too often to be ignored. Not only will they hold you responsible, but just as with those title loans in Arizona that went into default they will hit you with legal action if you fail to pay. That means action from the IRS, penalty payments and a massive dent in your credit score. This can bring about a whole host of emotional issues within the family, and the financial strain just isn’t worth it. All in all, consider co-signing to be an absolute last resort move.

Parents can co-sign on a student loan.

There are some positives to be found going this route. First of all, your student will be able to secure a lower interest rate, thanks to your involvement. Even if your college-bound child has been saving diligently, chances are he or she has not built up much credit to date, if any at all. If you have a solid credit history, you should be able to help your child secure a far lower interest rate by co-signing. And that means the cost of the loan will be lower over the life of the repayment period. In addition, by co-signing you are helping your child establish his or her own credit history. This process is crucial, as it will help them get future loans. Building credit often starts by opening up credit cards, and that comes with all sorts of other issues. By going this route you’ll work together to build your child’s credit.

Parents do have another option-PLUS loans (Parent Loans for Undergraduate Students).

To qualify for PLUS Loans, parents must have children who are enrolled at least half-time at an approved educational institution. The maximum allowable amount that can be borrowed for a PLUS Loan is the difference between the cost of the student’s attendance and any other financial aid the student receives (a number set by the school’s financial aid office).Unlike Stafford Loans, PLUS Loans feature neither a grace period during which no payments are due nor any period during which interest doesn’t accrue. The upside of this choice is that you control the repayment and do not have to rely on your student’s job procurement after graduation, or their ability to repay their loans.

college planning, dorm life, parenting

5 Necessities for a college dorm room

 

UnknownWhen teens head off to college, they probably have a few ideas about how they want to decorate their dorm rooms. They may lobby for trendy linens, bean bag chairs, batik wall hangings, and black light posters. But questionable style aside, they are likely thinking about impressing their new friends with the goods they choose to adorn their dorm room. As a parent, you have to try to strike a balance between letting your college-bound teens express their personal style and ensuring that they have what they need to create a functional, comfortable living space for the next few years.

Your best bet is to write a checklist of things they’ll need and then let them choose from those items so that they can get the style they want and the comforts of home. Here are just a few necessities you’ll want to be sure to add to your list for their college dorm room:

  1. Bedding. If you’re like most people, you aren’t exactly stocked up on Twin XL linens – it seems like only dorms tend to feature these oddly-sized beds. This means you’ll probably have to send your teens off to college with an armful of brand new bedding. You should include at least two sets of sheets (so they can keep one on the bed while the other is being washed), a comforter, and an extra blanket just in case. You’ll have to provide pillows, as well.
  2. Storage solutions. Space is at a premium in any shoebox-sized dorm room, so providing your teen with a multitude of storage options is a must. For bulky items like winter clothing and extra linens, space bags offer a quick and easy way to minimize thanks to vacuum packing. And when it comes to storing books and school supplies, consider using shelving and bins; while floor space for cabinets and drawers is definitely limited, there’s plenty of room overhead that can still be utilized. If wall mounts are forbidden, simply get a wall unit that stacks on the desk.
  3. Lighting. Most dorms come with only the overhead fluorescent fixture and any natural light that might come in through a single window on one side of the room. For students that need to work at night, while their dorm mate is trying to sleep, the lighting situation can be a problem. So provide your teens with a desk lamp (an LED option is great for students that have to work on computers since it won’t compete with the flicker like fluorescent lights can) and perhaps a book light for late-night study sessions.
  4. Shower essentials. In addition to providing your teens with towels, soaps, shampoos, and the like, you might want to include a handy shower caddy in your equation. Even if you’re lucky enough to find dorms that offer in-room sinks, the toilets and showers are housed elsewhere. A caddy, while not precisely essential to continued existence, certainly makes life (or at least showering) a lot easier for dorm denizens. And while you’re at it, don’t forget to throw in some inexpensive flip flops to shower in and avoid all the “nasties” from other people’s feet.
  5. Compact electronics. Your teens could probably put ERH power inc out of business with the amount of energy they draw for their electronics. But thankfully all of them won’t fit in a dorm room. So narrow it down to essentials like a laptop, a portable printer, and a cell phone, for example. And don’t forget the noise-cancelling headphones for those nights when the neighbors are blasting their music.

Lastly, help your teen understand that they don’t have to take their entire collection of stuffed animals or other comforts of home with them to their college dorm room. A few pictures from home along with some small personal items should be sufficient. Dorm rooms are small and made to house the basic living necessities. Pack wisely and consider that a few photos or a photo album and some small personal nick knacks will remind them of home and save on space.

 

college planning, dorm life, parenting, Uncategorized

Making the dorm room feel like home

 

Going away to college is exciting for students everywhere, yet many find themselves plagued by feelings of homesickness long after settling into their new dorm room. This is a perfectly natural feeling. After becoming accustomed to one set of surroundings for so long, it can be difficult to adjust to a whole new environment. If you find yourself missing home day after day, one of the best things you can do is try to make your dorm feel more like home. A bit of creativity and some clever decorating can make your dorm feel much more comfortable and help to ease your homesickness.

dorm room

Personalize your surroundings

College dorm rooms are not designed to feel like home. In fact, they are often purposefully bland and unassuming so as to be as palatable as possible. Think of your dorm room as a blank canvas. Look around and you’re most likely faced by white walls, utilitarian furniture, and perhaps a minimalist kitchen. Not particularly inspiring, is it? However, adding a few personal touches to your dorm room’s bland decor can easily turn your dwelling into a much more comforting and inviting space.

Start with your walls

Unadorned walls can be terribly bleak and disquieting, especially at times when you are missing home. Remember, however, that your dorm room walls are bare for a reason–they are meant to be filled. Cover your walls with art, posters, or your favorite photos of family and friends. You may not be able to bring your favorite people and places with you to college, but you can fill your living space with warm reminders of them to make yourself feel more at home. If you have any favorite wall hangings at home, bring them with you. Nothing helps to make you feel more at home than a piece of your old room hanging on the wall of your new one.

Turn your bed into a sanctuary

Sleep is more critical than ever when you’re in college, and an uncomfortable bed could be standing in between you and your nightly rest. Whether you’re laying down for a night of shut-eye or just lounging around the room, it always helps to have a bed that welcomes you. Bring your favorite covers and pillowcases from home, and spring for a comfortable foam mattress cover if you need some extra cushioning. A comfortable bed will help you feel well-rested and refreshed every day, and that is very important for keeping your spirits high.

Use your decorating sense

Think of other creative ways to make your room more welcoming. Throw down an area rug next to your bed so that you don’t have to put your feet down on a cold, hard floor every morning. Set up lamps to give yourself a comfortable and soothing level of light in your room. Think about home decoration trends in your home town. Remember your favorite trends for home remodeling in St Louis, or whatever your home town may be, and apply them to your dorm room space. You don’t have to feel like an outsider during your college years, and if you make your dorm room comfortable, you’ll always feel at home.

college guidance, college planning, parenting

5 Ways for students to avoid college sickness

 

college sicknessWith tons of college students crammed into dorms and classrooms, it’s not surprising that ailments spread like wildfire on campus, especially when you add sleepless nights, high stress, poor diet, and a general lack of physical fitness to the equation. And yet, the college students in your family need not succumb to the illnesses that plague their peers on campus, even if they are so caught up in their studies that they make health their last priority.To avoid college sickness, here are just a few pieces of advice you can instill in your kids  before they leave home:

  1. Prioritize R&R. Burning the midnight oil and letting anxiety rise without respite are two great ways to ensure that your body forces you to take a time out by contracting an illness. While students might not think that they have the time in their busy schedule to get the rest and relaxation they need, it often boils down to a matter of planning and prioritization. Sure they could stay out late with their friends, or they could choose to go out for a little while and then come home and hit the hay for a full night of rest. Taking time to relax with some yoga or even a couple chapters of fun reading (not related to a class) is possible when studying is done in a timely manner instead of put off until the last minute.
  2. Drink plenty of fluids. Proper nutrition is essential to good health, but one of the best lines of defense against illness is a large daily dose of fluids to keep a body hydrated and flush out toxins. Water is generally best, so let students know that soda and coffee don’t really figure into the eight-glasses-a-day rule.
  3. Use hand sanitizer. In general, the best way to keep kids from spreading germs is to have them wash their hands frequently throughout the day. But college-age kids might not be keen to run to the restroom between every class. For this reason, mini bottles of hand sanitizer are a great option. They can fit in a backpack or purse and keep hands that touch food and faces from transmitting the germs their classmates inadvertently share.
  4. Get a flu shot. Your teens have no doubt had all of their immunizations by the time they head off to college, but flu shots must be received annually in order to protect students from this virus. Shots may not be fun, but if they keep your student from spending a week in bed with a fever, body aches, and all manner of other symptoms they’re well worth a momentary sting.
  5. Keep regular doctor visits. Good health is an ongoing process, and it requires the help of professionals not only when something is wrong, but for regular checkups and preventive care. Since your teens will probably remain on your insurance during their time in college, find them a doctor in their area that’s on your plan and remind them when they’re due for a physical. And for times when they’re unable to avoid illness, put the number of the doctor or your policy provider’s premier patient line on speed dial.