Five things to discuss with your freshman

BY STEVE ROSEN
The Kansas City Star

Here are my freshman five to address:


• Monitor the checking account. Why is your daughter running short of cash each month? Was the $250 monthly deposit in her account to cover personal expenses unrealistic? 


• Get a debit card. If your college student has been writing checks and paying with cash — and handling money responsibly at that — it’s time to graduate to a debit card. With a debit card, you can easily monitor the account online and replenish with funds when necessary. The down side is that a debit card won’t help your child develop a credit history.


• Time to add a credit card? The best option is to add your student as an authorized user to your account. That way, you control the account, but your child can start building a credit history. And if your college kid is misusing the card, you can have him removed from the account. The other approach is to co-sign on a credit card account. It would be in your child’s name, and help start him on building a credit history.


• Taking a car back to campus. If your freshman didn’t have a car at school during the first semester, but will be returning in January with a set of wheels, alert your insurance agent. 


• Check the health care coverage. You thought your HMO covered your daughter who attends college in another state. It wasn’t until an asthma attack sent her to a hospital emergency room that you discovered the hole in your coverage Read Full Story