My Kids Got Into College…Now What?
Follow these personal finance tips to make your kids' transition to college easier.
Congratulations! Your kids have been accepted to the college of their choice. Your kids' college education is up there with your home and cars as one of the biggest financial transactions you'll make in your lifetime.
Follow these personal finance tips to make your kids' transition to college easier (and your own transition, too).
Make a plan for spending and follow it.
Find out what expenses are mandatory, what expenses are optional, and where you can economize. Some expenses are fixed, such as tuition, but books, for example, may be less expensive outside of the college bookstore.
Teach your college-bound student smart money skills.
Your college-bound student should know the basics of personal finance, like budgeting and using credit cards responsibly. A good place for your college student to get tips for a money smart college experience is Your Future Counts.
Help your college-bound student build a solid credit history.
A student credit card may help your college-bound student build a solid credit history. Make sure that your college student knows the fundamentals of using a credit card responsibly before applying for a card.
Look into home equity loans or lines of credit to help with college costs.
You may be able to get a better handle on college expenses by borrowing against your home equity. A home equity loan or line of credit may offer you a lower interest rate than other ways to borrow money.
Visit our Home Equity page to find out more about our home equity loans.
Protect Yourself.
Make sure that you get any promises or details about any financial transactions in writing, read everything carefully before you sign it, and ask a legal or financial expert to help you understand anything that isn't clear. Avoid signing anything that you don't understand or that seems too good to be true or too easy to do.
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These are general recommendations not applicable to all financial situations. Every financial situation is unique. Further, the suggestions and recommendations contained within the content provided are not an assurance of any future result. Be sure to discuss your specific financial circumstances with a legal or financial expert before you take action. Contact us for more information.
