Reply to Practical Advice for the Parents of Rising College Freshman

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Well the applications have been reviewed and my DC is excited about one of his choices and is about to put a deposit on his choice.  So now it is time to think about how we manage the practicalities of his college years.  I wecome advice on what parents of a new college Freshman should know such as:

How do we decide which meal plan--set number of meals per week, Flex Dollars, or a combination?
My DC will have personal expenses in addition to tuition., books, room and board--how is reasonable for us to contribute and how should we do so
Should we add our son to a credit card?
[b]How do we continue to get access to his academic performance in real time?  And Should we?[/b]
What other practical advice would you give us? [/quote]

I don't think you can, and I don't think you should. Don't get me wrong, my DC is getting ready to leave too and we consider school his primary job and will set a floor for his performace, but outside of asking how things are going and being available to problem solve if there is an issue - we'll just see the report cards. [/quote]

Not true re accessing records. Under federal law, colleges can provide parents copies of student records if the child is claimed as a dependent on the parents' tax return. From a practical matter, most colleges don't do this.  It's easier just to have your child sign a waiver that gives you access.

As for how much to contribute and whether to put your child on your credit card, those are personal decisions and will depend on your family's financial situation, etc.

I was on my parents' credit card when I was in college, and DC is on our credit card. However, that depends on how reliable the kid is with money and keeping track of things. If you don't trust your child to stay in a budget and want them to have a credit card, consider opening a credit card with a low limit and have them only on that card -- but check it regularly. If you're concerned they will lose the card, then maybe it's not a good idea.  One option is to put your card on their ApplePay.

[/quote]

I got my first credit card at 18 with a $1600 limit. Had a four-year credit history and 770+ score by graduation.[/quote]

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