Other monthly expenses to consider are cell phone bills, renter’s insurance and even health and dental insurance coverage. Fulltime college students can remain on their parents’ policy until age 26. Also consider utilities such as Internet and landline phone, cable, water, electricity, gas and trash. Depending upon where the student is living, these expenses may be covered under housing expenses or they could be additional expenses.
St. Pierre wants to remind parents that an emergency savings fund should be established to help cover unexpected expenses such as vehicle repair.
“Going off to college is very exciting for both the student and the parents, but it’s also a big expense,” she said. “Make sure your child fully understands what expenses he or she is expected to pay and what you’re willing and able to cover, and stick to that plan. Be sure to explore scholarship and grant opportunities to help offset some of these expenses.”