Who pays child’s spending money? If you are giving the student their spending money, be clear on how much, how often and what happens if they want more. If you are requiring the student to supply their own spending money, help them decide how much they need--are they earning it over the summer or are they working during school? Either way, help them create a budget.
What happens if child fails a class? Be clear on expectations--is there a certain grade point that is expected if the parent is paying for college? How will the parent know what the grades are (only the student will have access to their record)?
How many years can child attend college? If the parent is paying for school, is a 5 year plan ok--or 6...7?
Who pays for Study Abroad, Summer Classes/Internships? Most study abroad programs will cost additional money beyond the normal tuition costs--into the thousands more. Summer classes can cost $1000 for one class. Some internships which offer college credit can cost thousands of dollars. Be clear on who is responsible for paying for these.
What happens if child gets into trouble—Speeding tickets, DWI, Citations etc? Be clear on who pays for lawyer's fees and what if any action will result, i.e. car being taken away, student has to return home.
What about Spring Break? Who pays for Spring Break?
Dealing with your child leaving for college can be an emotional time, full of exciting times getting ready for their new life. Having conversations on the above topics will help to ensure that all financial expectations are clear and will avoid having to deal with discussing it while they are at school in the midst of one of the situations.
