1) Where you will get cash from--is there a branch of your bank close to school and if not, get a checking account at a local bank. If you withdraw money from an ATM that charges you out of network fees, you can incur up to $5 in fees for withdrawing that $20.
2) How to check your balance in your checking account online and even via your phone. Knowing the amount of money you have before going out and spending is critical. Set up an alert message from your bank when your account goes below a certain amount.
3) What amount of money is your spending money for the year--whether you had to earn it over the summer, will be working during the school year for it or your parents have agreed to pay a certain sum--figure it out before you leave and plan out or budget what amount that translates to per month/week. Talk with your parents/caregivers on what happens if you run out of money--even if that means, "too bad"--just so you are clear.
4) If you are taking out student loans, how much are you incurring. If it's an unsubsidized loan, can you pay the interest payments while in school which will greatly reduce the amount owed when you get out of school.
5) Are your belongings covered by insurance, either a homeowner's insurance from back home or a separate policy for college students/renters insurance.
6) Do you have health insurance and what does it cover/cost. Can you get prescriptions filled at school or do you have to go to a local pharmacy? Can you use your insurance at a local urgent care facility in case the school health center is closed?
7) What exactly does your meal plan cover--if you don't use all the meals in a semester, what happens--does it roll over to the next semester or can you use those meals as points?
8) You can't get a credit card until age 21 unless you have a co-signer or ability to pay. If you have one--whether your own since someone co-signed with you or because you are listed as an authorized user on your parents' card, figure out how what will be charged on the card, who will pay and what happens if you charge an amount that it not agreed upon?
9) Safeguard personal information--ID Theft does happen to college students. Check your credit report to make sure everything on it is accurate.
10) Learn to handle your finances now. Try to save some money and of course call home often.
For more information:
www.mymoney.gov
www.youngmoney.com
www.federalreserve.gov
www.ftc.gov
