Late summer and fall is when students head back to college or start college for the first time.  While these students and their parents have been thinking about how to pay for college, what to take to college, how to decorate the dorm room, and what classes to take, there are some other considerations to keep in mind.

  • Vehicle insurance
    • Is the student taking a vehicle to school? If so, will the coverage be adequate or does it need to be changed?
    • Does the coverage on family vehicles still at home need to be changed since the student driver will no longer be driving these vehicles?
    • Will the student be eligible for a good student discount” on premiums? Are there other discounts available?
  • Health insurance
    • Talk to your carrier to make sure your student/child will still be covered, especially if the student will be in another state.
    • Is the coverage adequate enough?
  • Legal documents.
    • Once the student/child turns age 18, the parent can no longer automatically receive information about or make medical decisions for their child.
    • Documents needed:
      • HIPAA authorization
      • Medical power of attorney
      • Durable power of attorney
    • If the student will be attending school in another state, the documents may need to be prepared for both the home state and the school state.
  • Talk to the student about developing a spending plan.
    • What money will be coming in for the student?
    • What expenses will the student need to pay from that money?
    • How much money will the student have for entertainment?
  • Freeze the student’s credit reports.
    • This will help protect the student from identity theft.
    • It will also prevent the student from opening a credit card or borrowing money without the parents’ permission.
    • Contact each of the three credit bureaus (Experian, TransUnion, and Equifax) to place the freeze.


Judith Ackland has more than 26 years of experience in accountancy and financial planning, including seventeen years as a CFO of a diverse business. She started Crystal Financial in 2010 to help a wide array of individuals, families, and business owners better understand their finances and how good financial management could help them achieve their goals. Judith has an MA in Professional Accountancy from the University of Nebraska at Lincoln as well as a Certified Public Accountant Certificate and a Certified Financial Planner designation.

Powered by Pixel Fire Marketing Pixel Fire Marketing