{"id":8673,"date":"2017-09-13T10:10:30","date_gmt":"2017-09-13T17:10:30","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=8673"},"modified":"2017-09-13T10:20:42","modified_gmt":"2017-09-13T17:20:42","slug":"5-financial-tips-for-parents-with-college-bound-kids","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/","title":{"rendered":"5 Financial Tips for Parents with College Bound Kids"},"content":{"rendered":"<p>College will likely mark the largest financial hurdle of your child\u2019s upbringing. Even if you\u2019ve been saving for years and have managed to build up a considerable <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/blog.paladinregistry.com\/investing-2\/529-college-savings-plans\/\" target=\"_blank\" rel=\"noopener noreferrer\">529 or other college savings plan<\/a><\/span><\/strong>, you may not be as prepared as you think for the financial aspects of sending your son or daughter off to college. Don\u2019t let higher education catch you or your finances off guard. Here are five financial tips for parents to\u00a0use to set themselves and their kids up for financial success in college and beyond:<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dc03b895d37\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dc03b895d37\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#1_Complete_a_FAFSA\" title=\"#1 Complete a FAFSA\">#1 Complete a FAFSA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#2_Consider_going_conservative\" title=\"#2 Consider going conservative\">#2 Consider going conservative<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#3_Give_your_insurance_provider_a_ring\" title=\"#3 Give your insurance provider a ring\">#3 Give your insurance provider a ring<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#4_Hope_for_the_best_plan_for_the_worst\" title=\"#4 Hope for the best, plan for the worst\">#4 Hope for the best, plan for the worst<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#5_Have_The_Talk\" title=\"#5 Have The Talk\">#5 Have The Talk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#Lifelong_lessons\" title=\"Lifelong lessons\">Lifelong lessons<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"1_Complete_a_FAFSA\"><\/span>#1 Complete a FAFSA<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you haven\u2019t already filed a Free Application for Federal Student Aid (FAFSA) for any children heading off to college, now is the time to do so. Even if you don\u2019t think you will qualify for federal aid, it behooves you to apply because the FAFSA can open the door to more than just the opportunity for federal support. For instance, a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/time.com\/money\/collection-post\/4162476\/3-reasons-to-fill-out-the-fafsa-no-matter-how-rich-you-are\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">FAFSA may be a prerequisite<\/a><\/span><\/strong> to applying for other forms of financial aid which are not based on household income. Some private colleges will even consider families with annual incomes of over $200,000 for need-based financial aid, but only after they\u2019ve been denied federal aid. Likewise, certain scholarships and grants won\u2019t consider an applicant who hasn\u2019t first maximized all possible federal aid. Since the FAFSA is free and can be completed online, it never hurts to apply.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Consider_going_conservative\"><\/span>#2 Consider going conservative<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Saving for college is like saving for retirement, only D-Day comes at age 18 instead of 65 and the payout years are considerably shorter. Since it is very likely your college savings will be used within the next four to seven years, consider shifting to more conservative allocations within these accounts.<\/p>\n<p>As long as the adjustments you make occur within a 529 or other tax-sheltered account, there should be no tax ramifications to reallocating. If you have college savings in non-tax sheltered accounts, however, you should take more care. In addition to a heavy potential tax bill, realizing too high of capital gains could reduce your student\u2019s chances of any need-based aid.<\/p>\n<p>If you are worried that your savings won\u2019t be enough to cover your student\u2019s educational costs, you might establish a <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.investopedia.com\/terms\/h\/homeequitylineofcredit.asp\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">home equity line of credit<\/a><\/span><\/strong> (HELOC). A HELOC may come at a small cost to open and maintain, but it will provide quick access to low-cost funds later.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Give_your_insurance_provider_a_ring\"><\/span>#3 Give your insurance provider a ring<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Before sending your kid off to college, give your health and auto insurance providers a call. You may need to adjust your insurance coverage for a kid living at school. For example, some family health plans only provide coverage at certain providers who may not be accessible from your kid\u2019s school. The good news is your student has options. You can visit <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.healthcare.gov\/young-adults\/college-students\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">HealthCare.gov<\/a><\/span><\/strong> for a discussion of the health insurance options available to college students.<\/p>\n<p>Your auto insurance may need to be similarly adjusted. If your student won\u2019t be driving while at school, you might be able to get a reduction on your premium for having one less driver at large on the road. If your student will be taking a car to college, you\u2019ll want to verify that your current plan will cover a driver living at school.<\/p>\n<p>While on the phone with your auto insurance provider, you may as well ask if your kid qualifies for any discounts, such as the \u201cgood student discount\u201d for good grades. As with FAFSA, it never hurts to ask.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Hope_for_the_best_plan_for_the_worst\"><\/span>#4 Hope for the best, plan for the worst<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Speaking of insurance, now is the time to ensure you have all your legal ducks in a row in case of a medical emergency.<\/p>\n<p>The thought of your son or daughter having a medical emergency away from home is probably not something you want to dwell on. That said, it is something all parents should put thought into before buying their kid her 18th birthday cake.<\/p>\n<p>In the U.S., an act called the Health Insurance Portability and Accountability Act (HIPAA) turns children into medical \u201c<a href=\"https:\/\/www.consumerreports.org\/health\/help-your-college-age-child-in-a-medical-emergency\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><strong><span style=\"color: #0000ff;\">l<\/span><span style=\"color: #0000ff;\">egal st<\/span><span style=\"color: #0000ff;\">rangers<\/span><\/strong><\/a>\u201d when they come of age. This means that you will have no right to your kid\u2019s medical information after he or she reaches the age of majority. In even plainer English: Say your son is in a car accident while at school. If he is considered a legal adult (which is age 18 in most states), the hospital will refuse to give you any information about your son\u2019s medical condition &#8211; unless he has signed a HIPAA authorization form.<\/p>\n<p>So before letting your kid out of the house on his 18th birthday, have him sign a HIPAA. And while he is practicing his signature, add medical and durable powers of attorney forms to that pile. If your child will be attending an out-of-state college, you should complete forms for both your home state and your kid\u2019s school state.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Have_The_Talk\"><\/span>#5 Have The Talk<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, not that talk; The Financial Talk.<\/p>\n<p>College is the beginning of a whole new level of freedom for kids, not the least of which is financial freedom. <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/blog.paladinregistry.com\/personal-finance-2\/8-essential-financial-management-tips-college-students-need-to-know\/\" target=\"_blank\" rel=\"noopener noreferrer\">This transition will probably mark the first time your child will have full (or nearly full) discretion over her daily financial decisions. <\/a><\/span><\/strong>What better time to have a financial responsibility conversation with them?<\/p>\n<p>You can work together with your student to establish a budget for while she is away. Now that she is an adult, you may want to open a joint account with her so you can keep track of the spending going on at school. Of course, you can tell her the joint nature of the account is so you can transfer funds to her more easily.<\/p>\n<p>Before starting The Talk, decide if you will give your college student a credit card to use at school. The upside to giving her a credit card is that it will allow her to flex her financial responsibility muscles by learning to pay off her balance each month. It will also enable her to start building up a credit history. The downside is it is a credit card and your kid is still technically a teenager.<\/p>\n<p>If you choose not to go the credit card route, it may be prudent to freeze your child\u2019s credit reports. Doing so restricts access to the report, thus making it harder for identity thieves to open accounts in your student\u2019s name. Incidentally, it will have the added benefit of preventing any over-eager college students from opening credit cards without consulting you. To learn more about freezing your credit report, visit the <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.consumer.ftc.gov\/articles\/0497-credit-freeze-faqs\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Federal Trade Commission\u2019s website<\/a><\/span><\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lifelong_lessons\"><\/span>Lifelong lessons<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Sending your child off to college is always a bit nerve-wracking. Once you\u2019ve done your financial due diligence, the transition should be less stressful, though. As you follow the tips above, keep in mind that the best thing you can do when preparing financially to send your son or daughter to college is to include your child in your decision making and planning. Use this opportunity to instill financial lessons your child can carry with him into college and beyond. He\u2019ll thank you later.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>College will likely mark the largest financial hurdle of your child\u2019s upbringing. Even if you\u2019ve been saving for years and have managed to build up a considerable 529 or other college savings plan, you may not be as prepared as you think for the financial aspects of sending your son or daughter off to college. Don\u2019t let higher education catch you or your finances off guard. Here are five financial<\/p>\n","protected":false},"author":2,"featured_media":8684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765],"tags":[],"class_list":["post-8673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Financial Tips for Parents with College Bound Kids<\/title>\n<meta name=\"description\" content=\"Don\u2019t let higher education catch you off guard. 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Here are 5 financial tips for parents to use to set themselves and their kids up for financial success\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/\" \/>\n<meta property=\"og:site_name\" content=\"Paladin Registry Blog\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/PaladinRegistry\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-13T17:10:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-09-13T17:20:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2017\/09\/financial-tips-for-parents-for-college-kids.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"731\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jack Waymire\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:site\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jack Waymire\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/\",\"name\":\"5 Financial Tips for Parents with College Bound Kids\",\"isPartOf\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-financial-tips-for-parents-with-college-bound-kids\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2017\/09\/financial-tips-for-parents-for-college-kids.jpg\",\"datePublished\":\"2017-09-13T17:10:30+00:00\",\"dateModified\":\"2017-09-13T17:20:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/4f94af521e23212d5ffd08618ecb46c0\"},\"description\":\"Don\u2019t let higher education catch you off guard. 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