Sending children away to college is a major life milestone—one that brings both financial and emotional challenges. With so many “to-dos” and new considerations on top of your everyday responsibilities, we understand how overwhelming this may feel. That’s why we’ve created the College Planning Checklist to help you navigate some of the most common questions and challenges parents face during this transition. Below we’ll share a handful of recommendations, but you can find our full College Planning Checklist here.

Setting Your Child Up for Financial Success

This is a great opportunity to help your child start managing their financial life. Introducing debit and credit cards alongside a monthly budget or allowance can foster healthy spending habits and initiate the process of building credit. Tools like Mint or other budgeting apps can help your child visualize where their money goes.

Encouraging them to participate in their own tax preparation and FAFSA submission is a valuable learning experience. These activities teach organizational skills (accessing necessary tax documents), familiarity with different asset types (529 plans, retirement accounts, bank accounts), and time management (filing FAFSA early can increase aid opportunities). The more involved your child is, the more confident they’ll feel stepping into adult life.

What About Health Care?

Some key documents to consider include:

• Health Care Power of Attorney – Allows you to make medical decisions if your child is unable to do so.
• HIPAA Release – Authorizes you to access your child’s medical records.
• FERPA Waiver – Permits the school to disclose personal information to you.

If your child is staying on your health insurance plan, be sure they waive the school’s health insurance—otherwise, you may find an unexpected premium on your tuition bill. Also, make sure there’s a plan in place for your child to access medical care and refill prescriptions while at school.

Legal Services

While we hope your child won’t need legal assistance, many schools offer student legal services for a nominal fee (usually under $100 per semester). This fee is typically included in tuition unless waived and covers access to legal help for common student issues. While attorney services are included, students may still be responsible for court filing fees, fines, or service of process charges.

What Else Should I Be Thinking About?

School Materials
When buying textbooks or course materials, consider renting or buying used to save money. Schools often offer discounted computers through their IT departments—this can be a one-stop shop that ensures compatibility and provides technical support.

Housing
Take detailed “before” and “after” photos of the rental property to help with the return of the security deposit. If possible, have an attorney review the lease before signing. Make sure all roommates are on the lease and contribute to the deposit.

Property & Casualty Insurance
Consult with your insurance agent to see whether a renter’s policy is necessary or if your homeowner’s policy provides adequate coverage.

Travel
If your child is moving far from home, consider enrolling them in a frequent flyer program and letting them take charge of their travel planning. If they don’t already have a passport, now is a great time to get one in case study abroad opportunities arise.

Keeping Your Child on Track

Encourage your child to meet with their academic advisor each semester to ensure their coursework aligns with graduation goals and career interests. Suggest they research professors if multiple instructors teach the same course—finding a good fit can make a big difference in academic performance.

Visit our Client Resources page below to access the full College Planning Checklist, designed to guide you from Now to Next through this exciting transition.

Resources for our Investment Advisory and Wealth Management Clients