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College can be both a very exciting time and yet a very stressful time for both students and their parents. A lot of this stress stems from being away from home and on your own for the first time, pressure to do well in classes, interacting with new and unfamiliar people and more often than not, financial struggles. Preparing your child by educating them on proper financial habits can help lighten the financial load felt by many college students. Sharing your financial knowledge can give them a head start with future financial success. The following tips can help bolster your child’s financial success:
Using these tips will give the college students a better grasp on their financial well-being. This is more important than ever because unlike in the past, parents, for the most part, are unable to assist their children to the extent they were able to before because of various changes in the economy and personal financial conditions. For example, not long ago, parents were able to open credit card accounts in their child’s name in order for them to gain some financial independence. This practice is now prohibited and requires and adult co-signer or the personal financial status to afford the account independently.
Parents are often leery of co-signing for their child in fear of damaging their own credit, or are unable to qualify as an eligible co-signer to begin with. One of the few options left for parents are to provide the students with prepaid debit cards with the drawbacks of usage fees and limited acceptance. The burden of financial responsibility of college is shifting to the student which makes it more important than ever for them to understand how to be financially responsible from the start. On average, the college graduate leaves school with several thousand dollars in debt distributed across several varying accounts and approximately $50,000 in college loan debt.
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