Who Pays for College: Parents or Students?

There’s only one rule when it comes to determining which college expenses parents pay for and which ones students pay for: It’s whatever your family decides.

Sit down with your parents before you head out to college and have a discussion about money. Find out exactly what they are planning to cover and what is your responsibility.

Don’t forget to ask specific questions, such as:

      * Will you be able to provide for me financially while I’m in college? If so, how much and how often?
      * Will you pay me an allowance or a stipend weekly, biweekly, or monthly?
      * Do you expect me to work while enrolled in school? If so, where and for how many hours a week?

If parents and students decide that a part-time job is going to be a part of college finances, you should prepare now by creating a résumé so you’ll be ready to apply for on- or off-campus jobs.

Conducting your own financial prep rally isn’t as much fun as homecoming, but it will make your life easier by limiting your debt after graduation and reducing stress while you’re in school. Luckily, you aren’t the only member of your team. Your parents, financial aid counselors, on-campus money management offices, and Hopewell Federal Credit Union financial advisers can help you along the way.

With a little preparation, you’ll call your folks more to chat than to request emergency cash.


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