![]() Educate the student about the importance of developing credit, making payments on time, and maintaining a good credit score. Consider a credit card for use in emergencies.Parents may also want to set up a savings account to encourage their child to save money, particularly if they are working part-time while attending college. Consider linking accounts for easy transfer of funds. If they do not already have a checking account, they may want to set up an account at a local bank. Review the student’s checking account and make sure it can be easily accessed. Identify ways to transfer and manage funds.For example, does the homeowner insurance cover the students’ valuables while they are at college? Does the student need to purchase renter’s insurance if they are living in an off-campus apartment? Is any extra coverage needed for the student’s automobile policy? The policy may, however, provide reimbursement if the student contracts COVID-19, but not all policies cover this.ĭetermine if there are any gaps in insurance coverage that need attention. If a college determines during the year that it needs to send students home due to the pandemic, this event would not be covered. Pandemics are typically excluded from coverage. Mental health conditions, such as depression, may also be considered in this definition. Compare the benefits of health insurance obtained through the college or remaining on the parents’ health insurance plan (until age 26).įamilies may be reimbursed for the costs of tuition, room and board, and fees if a student withdraws from school due to a qualifying medical event and they cannot earn credits for the semester.Standard version of health-care proxies are available online or an attorney can draft one (see for links to 50 states). ![]() Students may have to complete forms for multiple states if the provisions aren’t uniform. Use the form for the state of primary residence and where the student is attending college.
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