Jeanie Grimm, College Consultant

The first year I served as a dean, and lived in a freshman dorm, I watched in amazement as the common area readied for the arrival of students and their families for move-in day. The next morning, for many students their first time living away from home, the next wave came: credit card hawkers. With no parents in sight, and no practical information given about credit card spending, students succumbed to the allure of plastic. Within months, we in the Freshman Dean’s Office began to hear from parents about their children’s unmanageable credit card bills, their lack of financial literacy, and the ensuing distress.

This was 1984 (for real. This is not a literary reference!)

Now, many students arrive on campus with the ability to spend money in myriad ways: Amazon accounts, Venmo, debit and credit cards, amongst others. The option to Door Dash alone is a game-changer. These options, and so many more, are the reality of a teenager’s life. But that doesn’t mean that they’ll know how to use them when they are away from home!

Amongst the many health-related talks we encourage families to have now is this: financial health. Knowing how credit works (now and in your future), how much money you have to spend, and what portion of spending on campus is the student’s responsibility is essential. While a number of high schools now offer, or even require, financial literacy classes, having these conversations in the context of your family’s values and financial expectations is important. It’s never too early, or too late, to learn how to budget and plan! 

Once a student commits to a college, a new chapter begins, one that should include learning everything about your college that you need to know before you arrive. This includes, but is not limited to: how to find a campus job, what the additional costs of attendance are (if you’re playing a sport, is there anything you need to pay for yourself? If you are rushing, what are the related costs of, for instance, membership and clothing? If you live a distance from your campus and want to go home more often than the twice a year calculation most colleges assume, how can you cover that cost?) and, importantly, what does the meal plan cover? 

Do your homework! It will save you unwelcome surprises at a time when you are making your way on your own.