No More Pencils, No More Books, No More Teacher’s Dirty Looks! July is the month of picnics, fireworks, lazy days at the beach– and definitely not school.

While it may be difficult to keep your college-bound student motivated in the quest to find the right college at the right price, some time can certainly be devoted to thinking about essays and doing some research into schools of interest.

What Are You Really Paying For?

Over the past decade, there have been shifts in the way that students study. More important is the length of time they spend on their studies. According to an American Interest article College Students Are Studying Less Than You Think, students today are studying 40% less than they did 50 years ago. Even more surprisingly, they study less than they did as high school students! This begs the question, “If students aren’t learning as much, what am I as a parent paying for?”

For the majority of college students, they want to go to college for just four things:

a line on their resume,
Job stability
Career satisfaction
Success/status outside the workplace.

And if you are under the impression that it really matters where your student goes to college, do some research. In all but a few cases where the student wants to get accepted into a law, med, vet, dental, or other graduate school; or wants to work on Wall Street– public vs private really doesn’t matter.

But it can make a significant difference especially if your student possesses the majority of these qualities:

Intellectually curious
Has a growth mindset
Expects to work hard
Doesn’t give up
Believes in themselves
Isn’t afraid to seek help
Is resourceful
Takes time to think about things
Listens
Is inspired
Takes risks
A self-starter
Involved

A student who demonstrates these traits is probably going to succeed anywhere. But if they go to a college where they are surrounded with students like themselves, they will truly flourish. That kind of student’s education may be worth any dollar amount you can afford.

Practical Matters

Colleges require up-to-date immunizations, in addition to an annual physical documentation.

Some colleges won’t give student’s their dorm room key on move-in day until these important items are taken care of! Check the college website for their policy.

Prescription Medication

Does your student take prescription medication? If so, you’ll want to either stock up before they head out for school, or locate in-network pharmacies near them.

Maybe you can take advantage of one of the convenient online order services, which would be one less thing to worry about. This is important to consider, since many colleges don’t allow freshman to have cars on-campus unless they’re commuting from home.

The Student Health Center

Most colleges have health centers, but what they offer can vary. Some are able to diagnose and treat many illnesses, while others are more basic, and will refer your student elsewhere depending on the severity of the condition. Of course, if your student is experiencing shortness of breath, severe bleeding, or head trauma, they should head to the nearest emergency room as soon as possible.

Both you and your student need to familiarize yourselves with the health services the college offers as soon as you set foot on-campus.

Mental Health And Substance Abuse Resources

Let’s face it: college is tough. It’s also when signs of depression or mental illness can begin to show– even if your student never had symptoms previously. And, if we’re still being honest, it’s when students may start drinking or experimenting with drugs.

No one likes to think about these possibilities, but ignoring mental health can be disastrous.

According to the National Alliance on Mental Illness, anxiety is the top presenting concern among college students (41.6 percent), followed by depression (36.4 percent), and relationship problems (35.8 percent).

Seven percent of college students have “seriously considered suicide” during the past year. Sadly, suicide is the third leading cause of death on college campuses.

If you have any indication that something is wrong, please tend to it before your student goes off to campus. The influx of students with these issues to colleges is growing beyond the ability to serve their needs.

Colleges are not in the business of providing physical health and mental health care. While the schools recognize the need to provide ample services, this is often done somewhat grudgingly and often after a crisis – such as a campus suicide.

Of course, stress is a normal part of college and life. Students should certainly work toward mitigating the effects of stress by taking advantage of their school’s free fitness center, and focusing on healthy eating habits. Drinking plenty of water, and (trying) to get a full night’s sleep never hurts either.

Tips On Indirect Expenses

Officially, these are referred to as Indirect Costs. You may recall seeing them listed on your student’s financial aid package. Because these expenses are not directly billed, you often have more control over how much you spend on them. Look at non-billed expenses as an opportunity to cut costs, so you have more funds left over for paying the college bill.

Books – every college student will have to buy books at some point. While the campus bookstore may be convenient, it’s also usually the most expensive option. It’s almost always better to find them used, or even look online for websites that rent textbooks. Digital versions for their e-reader is another popular and cheaper option.
Dorm Needs – for students living on-campus, you will need to acquire furniture and supplies to outfit their
dorm. Most dorms come with only the bare minimum– a bed, dresser, and a desk. Students typically need to provide their own bedding, TV, appliances, and any sort of decoration.If they have roommates, your student should try to coordinate with them before move-in day to avoid ending up with multiples of the same item.

Laptop – a laptop can often be one of the priciest non-billed expenses. Check for college student discounts, as some companies such as Apple and Microsoft offer them.
Travel – this cost can vary significantly depending on how far away your college is AND how often they go home. If the school is within driving distance, a bus is usually a financially smart option.Or even better, your student can check the bulletin boards in the student union or even ride sharing apps to see if they can find a ride from another student going in the same direction. If your student must fly to get home, try to plan your visits in advance. Plane tickets are usually much cheaper when bought months ahead.
Parking Fees – if you plan on having your student bring a car to campus, expect to pay, as on-campus parking permits can cost hundreds of dollars each semester!Car insurance can also increase, depending on where the school is located. Consider leaving the car at home while living at school. They’ll still have access to it on breaks and over the summer.
Food and Beverages – although most colleges require students to have a meal plan if they live on-campus, students will still typically spend money on food outside of the dining halls. Late-night pizza, a coffee from Starbucks in the morning, or lunch at a restaurant with friends can all quickly add up.Students can save money here by viewing dining off-campus as a special experience, rather than an everyday activity. They can save the Starbucks lattes for the weekends, and stick to coffee from the dining hall on weekdays.
Off-campus activities – Last but not least are off-campus social activities, like weekend ski trips. If your student has friends whose parents are financially comfortable while you’re stretching it to pay the direct costs, now is the time to have a discussion about what kind of off-campus treats you can subsidize.

Each month, we provide you with tips on your best ways to pay for college regardless of your financial situation.

Some people wouldn’t dream of going grocery shopping without their coupons. Most people don’t buy a car without shopping around first. Lots of us use online booking sites to find the lowest fare on a flight or a hotel room.

Don’t wait too long to figure out your best way to pay for college. Doing that is like waiting to buy fire insurance when your garage is in fire. It’s just too late.

If you’ve thought about contacting us but haven’t, this is a really good time of year, because summer is relatively quiet.

Depending what grade your student is in, there may be a lot we can do to help you save on the cost of college.

The longer you delay will mean less you can do to save a year or two in college costs.

We have the capability, expertise, and professional relationships in place that can help you ensure that your student attends the RIGHT college, for the RIGHT reasons, and for the RIGHT price!

Give us a call at (951) 465-6409 or email us at bob@simplifiedwealth.com. Don’t wait and lose tens of thousands of dollars of income, savings and possibly go into debt because you procrastinated. If you do things “old school” pick up the phone and call me or send an email!

Until next month…

Bob Chitrathorn

P.S. If you find this newsletter helpful to you please share it with other like yourself!