Countdown to campus: Steps to get your student college-ready

The trip to college, however far the distance, is a significant one, and there are several important steps to consider ahead of time to ensure a smooth journey for your recent high school grad. UBT wants to help prepare you and your student for this transition, so we’ve outlined some key measures to take to make sure the road to academia is a smooth one.

Part 1: Banking, budgeting, and credit

Review expenses. Before your child heads off to college, have a conversation about what expenses they’ll be responsible for and what you plan to cover. If you haven’t already done so, this is the time to create a budget that includes anticipated costs such as textbooks, groceries, transportation, and entertainment.

Get accounts squared away. Your freshman may very well have checking and savings accounts, but if not, this is a must before they set foot on campus. Look for a Gen Z- friendly checking account like UBT’s Simply Free Student, with no monthly fees and the opportunity to receive a cash bonus when account requirements are met. (Or, if they’re headed off to Husker land, Simply Free UNL is a great choice.) A savings account with no maintenance fee, like UBT’s Simply Savings Student, allows for seamless transfers.

Make the most of digital tools. Managing finances from anywhere is essential for students with busy schedules, so online banking options and mobile apps, such as UBTgo, are a must. Real-time tracking of expenses aid with budgeting and help prevent overdrafts, while the ability to pause a misplaced debit card and receive alerts for suspicious activities provide an added layer of security against fraud. 

Assess the ATM situation. Although many young people prefer paying with a swipe (or a tap), quick access to cash will still be important. You and your child will want to scope out your bank’s ATMs, and/or make sure there are surcharge-free ATMs within walking distance

Set up direct deposit. Many colleges and universities offer tuition reimbursement programs or financial aid disbursements through direct deposit. Help your student set up direct deposit to ensure timely access to funds and avoid any delays in covering tuition or other expenses.

Play it safe with peer-to-peer payments. Peer-to-peer, or P2P, apps are a fast and convenient way to send money to friends and family, but there is a certain amount of risk involved. Be sure to caution your freshman to use P2P apps carefully, only sending money to people they know well, double-checking the recipient’s info, and using an app they trust, like Zelle®, which ties directly to their bank account. Because funds are transferred directly to and from that account, there’s no carrying a balance in the app.

Begin establishing credit. Explain how credit scores impact financial decisions, and help your student start building a credit history. Discuss credit building options like opening a secured credit card, adding them as an authorized user on your credit card (if your credit card company reports authorized users to credit bureaus), or co-signing an apartment lease or car loan. In the two latter scenarios, you’ll want to make sure you’re comfortable being responsible for the debt should your child not be able to pay.

Part 2: Legal documents, taxes, and insurance

Double check the home address. Make sure your student’s home mailing and email addresses are correct and on-file to receive their tuition statement, otherwise known as a 1098-T (tuition statement) forms from their college electronically and/or by mail.

Remember to save receipts. Qualified education expenses like tuition, fees, textbooks, class supplies, and other related eligible student expenses may also count for purposes of student loan interest deduction, so you and your freshman will want to save your receipts for these items for tax purposes.

Collect cards and records. This includes a valid driver’s license or state ID, Social Security card (a must if they plan on working), updated insurance cards, and any relevant medical records, including documentation of known allergies.

Put authorizations in place. If your college-aged child is over 18, they’ll need both healthcare and financial powers of attorney. We hope you never need to use them, but should something happen, you or another appointed adult would need to make for medical and/or financial decisions on their behalf. A HIPAA authorization form pairs with healthcare power of attorney and grants permission for healthcare providers to share medical information with you. UBT’s experts also recommend a basic will for your child to accompany these documents.

If you want access to your child’s educational records, a Family Educational Rights and Privacy Act, or FERPA, authorization form is essential. Search for downloadable forms on your college’s website.

Ensure they’re insured. Take time to review health and car insurance and make any adjustments to your student’s coverage to reflect recent changes and make sure their coverage is sufficient. And if they’re staying on campus, renters’ insurance is a must.

Part 3: Other considerations

Make a final pass at the FAFSA . We’re sure you are on it, but you and your soon-to-be college student will want to make sure the Free Application for Federal Student Aid (FAFSA) is complete and financial aid and scholarship forms have been submitted to ensure as smooth a financial start to the academic year as possible. Check out our tips for preparing to pay for college for more info.

Check out the tech situation. Your student’s laptop may need an upgrade. As a general rule, the best times of the year to buy a computer are during back-to-school season and three-day holiday weekends. (Don’t take our word for it; we got our intel from U.S. News.)

Gather emergency contacts. Compile a list of emergency contacts, including family members, trusted friends, and relevant campus resources. Make sure your student knows who to contact in case of an emergency, whether it’s a medical issue, a financial concern, or a safety issue on campus.

Have the (cyber)safety talk. Identity theft is widespread on college campuses, so a review of the importance of safeguarding personal information is in order. Remind your student to avoid sharing sensitive details (such as account numbers or their Social Security number) through unsecured channels, to be cautious of phishing emails or calls, and to regularly monitor their accounts for any suspicious activity.

Get the car road-ready. If your child takes a car to college, ensure it’s been serviced and in good running condition before the rubber hits the road.

Open communication and preparation are key to any endeavor, and by having some candid conversations with your child and following these essential tips, your freshman will be well-prepared to thrive in their new college environment.