Sending your kid off to college can be quite taxing. A lot of pressure comes with college life and your kid better be well prepared for everything he’s about to face. Help your kid understand college and everything that goes along with it ahead of time.
Here are just some of the things he should be aware of.
College costs money — a lot of it
Some students fail to grasp just how expensive college can get. A report from CNN Money states that those entering in 2018 could pay more than $190,000 on average depending on several factors. The same report states that a $10,000 debt would cost your kid $100 a month.
Then there are expenses that even financial aid won’t cover. Food, transportation, and board are just some of the things you also need to cover. A study found that some colleges understate the cost of living by at least $3,000.
Help your kid understand the financial side of things and how it will impact his life after graduating.
Loans can get you in trouble
As The Coloradoan points out, students have several misconceptions about student loans. From thinking private student loans are eligible for public service loan forgiveness all the way to thinking forbearance will stop federal loans from accruing interest for a set amount of time.
Some students are so surprised that 39% of them considers dropping out of college altogether to avoid going further into debt.
That’s why it’s important to discuss how loans work with your kid. Talk about how to get approved, what the government can do to forgive student debt, and how to refinance student loans to get a lower interest rate.
Choose a major wisely
It takes time for someone to find his or her calling. Unfortunately, time is money. The longer students flip-flop majors, the more debt they fall under. Finishing college on time will mean paying off student debt faster.
For some, financial stability after graduating is the most important thing. If your kid wishes the same, Business Insider put out a list of 50 college majors that result in high-paying jobs.
Often forgotten, knowing basic skills before departing for college is essential. College demands that kids be responsible for themselves. And they should know that. For most, this would be the first time they’ll be on their own. Doing laundry, banking basics, and cooking are just some of the skills every college student should know.
Before you send your kid off, teach them a thing or two. After all, you won’t be there to do these things for him.