多年来, you’ve known this time was coming – the summer your child leaves home for college or another significant step toward an adult life independent of you. We know this can be a bittersweet season for families. 毕竟, it’s been your job for 18 years or so to see that their health, 安全, 发展, and general well-being are accounted for daily. 现在? 你是如何处理远距离的所有事情的?

While 利记app官网 cannot steer you toward all the answers, we can support you and your young adult in finding the right financial steps and tools for this phase. We understand that your ultimate goal is to help them continue learning and succeeding. As a benefit for you, when your student develops healthy money habits, you will feel more at peace.

This summer, consider all the following primary money-related behaviors. It’s important for their success and comfort to prepare financially in addition to setting up class schedules and shopping for dorm or apartment décor and 供应. 

支出

This is likely a top concern for parents and guardians. 这就是为什么 it’s important to think and talk about it and have a plan before they depart:

• Your student will benefit from having accounts in their own name. This might include savings and checking accounts, 借记卡, and possibly a credit card – also with the option of you as a joint accountholder to monitor their transactional activities. Setting things up with your child as primary will assist them with building credit at an earlier age. This will help them get apartments and loans over time.
• Consider giving your child direct online and mobile banking access. This way, they can actively monitor and manage their day-to-day spending. You can also maintain online banking access to their accounts if you’re a joint owner.
• Determine a weekly or monthly budget they can access and spend. You might transfer that amount from an account of your own and/or their own savings account where they have kept funds from a summer job, local scholarships and/or graduation gifts from family and friends.    

储蓄 & 投资

If you’ve saved well for college up to this point, you don’t have to stop. And if you haven’t, it’s not too late to start. A 529 account is typically the savings vehicle used for education.  

According to Indiana’s CollegeChoice 529, “the money in your 529 account can be used for any purpose. 然而, to qualify for federal tax-free withdrawals and avoid penalties, the money must be used for qualified higher education expenses for the beneficiary at an eligible educational institution...如, 学费, 电脑, 强制性的费用, 书, 供应, and equipment required for enrollment or attendance; certain room and board costs if the beneficiary is enrolled at least half-time; and certain expenses for a special-needs student.”¹ 

相反, it’s also important to become familiar with expenses that do not qualify for fee-free withdrawals. For instance, transportation costs and insurance premiums do not qualify.² 

最后是529秒, 开户没有年龄限制, so it’s not just for children and any unused funds are typically transferable to other family members. 这就是为什么, 当你的学生开始上大学, you can keep on saving in an existing account or even start an account now.³   

收入

If you have an expectation that your young adult should contribute partially or fully to the price of their next endeavor, whether that be educational expenses or costs of living on their own, you must have that conversation as soon as possible. 他们如何赚取收入? With work-study on campus or a part-time job while going to school? Or should they be getting a full-time job now or maybe a paid internship next summer? Sit down and have an in-depth discussion about what makes the best sense for your student. 如果他们有企业家精神, ask for their own creative ideas – maybe they want to offer tutoring within their strongest subject or open an Etsy shop.  

借款

At this point, you probably know your child’s plans for this fall. If the cost of their education or training exceeds your savings and their financial aid package, you might need to look for other sources of private funding. That’s where 元素 can come directly to your assistance this summer. Our student loans experts are standing by to consult with you.

Contact 利记app官网 for support of all your current financial needs — and congratulations to your student and your entire family! 这是一个激动人心的时刻. 拥抱它, 保持冷静, and have confidence in your parenting – may they be good and ready for this next chapter, 多亏了你.