Save Money by Avoiding the Dorm Décor Hype

You don’t need to read one of the many news stories about spending on dorm décor to know that college-bound students and their parents mean big money for retailers. Just like the buying frenzy you had to manage when your children were newborns, retailers know that “Back to campus” is a spending frenzy based on emotions. Back to campus spending has become a $50 BILLION per year industry, and the average amount spent per student to stock and decorate even the smallest of rooms is slightly more than $900.00. In my opinion that’s way too much, and there are a number of ways students and parents can avoid spending hundreds or thousands on back to campus costs.

1. Choose a traditional residence hall if the student is living on campus. This is THE MOST EFFECTIVE way to save money throughout the year because students who live in a traditional hall (shared room with a communal bathroom and lounge/kitchenette down the hall) only have to stock and decorate one, small room.  If your student chooses a suite or apartment, not only do they usually cost much more to rent per semester, the student is responsible for stocking their own living room, and kitchen, and is usually also responsible for cleaning and stocking their own bathroom.
2. Know what is included in the cost of the room. Most rooms are already furnished by the university and include things like built-in desk lamps, curtains or blinds, mirrors, shelves etc. Also consider what items are available for students to use. Each floor or hall usually has a communal kitchenette or at least a refrigerator and microwave, and many halls allow students to check out vacuums, tools, and other useful items. Avoid the temptation to buy things that are already provided for the student.
3. Separate needs from wants. In reality, the only thing that most students NEED to purchase is a set of sheets for their bed, assuming that it is a different size from the bed they have a home. They probably have everything else they will need, or can assemble their list of needs from things you already have in your home. Granted, it is nice to have storage bins to move and store items or maybe an area rug to cover a tile floor, but these things are not required and even if you do choose to purchase them, they are low cost items that can be used for all four years and beyond. NOTE: chose a dark-colored area rug.
4. Borrow it. This is actually a fun experiment for social media. Let’s say your college-bound student has a short list of items they still want for their dorm room; coffee pot, posters, area rugs, storage bins, step stool – whatever. Send the list out on social media to family and friends and watch these things flood in. There are probably a number of people who have exactly what you’re looking for and are willing to loan or simply give these things to your student.
5. Remember this fact. This is a temporary home in which your student will most likely just sleep and change clothes. Studying, socializing, and eating will usually take place elsewhere.

http://www.businessinsider.com/average-spending-on-dorm-decor-skyrockets-2012-9

Top Five Things to Consider Before You Borrow Student or PLUS Loans

By this time of the year most new college freshmen and their parents have received their financial aid award letter or student aid report. If you’ve saved for college since your child’s birth, earn enough to pay cash for college expenses, or your college student won a number of scholarship, you probably don’t need to borrow money to help pay for college. But, if your child is among the approximately 2/3 of college students who DO borrow to pay for college there are five things you and your student MUST consider before you accept these loans.

1. Only borrow what is NEEDED. Some students only need to bridge a $1,000.00 gap between what they already have in the bank and what they will need to pay for college, but most students will receive an offer of much more than that in loans. Only borrow the minimum amount needed.
2. Always exhaust other sources of income and “free” money first. If your child qualified for federal work-study, they should work at least enough to earn what they qualified for. Even students who do not qualify for work-study can work part-time to help fund their education. Working only eight hours per week at minimum wage is enough to bridge a $1574.00 gap in funding over two, 16-week semesters. Students can also continue to apply for all possible scholarships because even a few small scholarships can make the difference between graduating debt free or not.
3. Do not borrow to pay for lifestyle expenses. I can’t tell you how many times I’ve seen students and parents borrowing thousands each year (currently at 4.66% to 7.21% interest or more) to pay for what are considered lifestyle expenses. These include any unnecessary expenses such as driving a car when other transportation is available, choosing a residence hall, apartment, or meal plan that costs more than the bare minimum, joining a Greek letter organization that the student can’t afford, and traveling for leisure or even study abroad that is not required for the student’s degree completion.
4. Avoid private student loans. Almost any financial aid office at any college will advise you to only borrow federal student loans, then if absolutely necessary, federal PLUS loans. Private loans are almost always a bad choice to finance a college education because the borrower does not have the various repayment options available from federal loans. If you reach the point where they are the only option, the student needs to seriously re-evaluate his or her choice of college and either take a gap year to earn more money, attend college part-time, or seek out a less expensive college. Chances are good that there is a less expensive alternative within commuting distance.
5. Use one of the many free, online student loan calculators to estimate future monthly payments. http://www.finaid.org/calculators/loanpayments.phtml  All loans will have to be paid back with interest, so students and parents can use these calculators to estimate what their payments will be and for how long. Pay close attention to the estimated salary needed to pay off the loan, and understand the total amount of interest paid on these loans. Students also need to be realistic when estimating their future salary. They can research average starting salaries at http://www.bls.gov/ooh/ , but keep in mind these are average salaries.

What to Expect During Freshman Orientation and Enrollment: Part 2

Campus involvement opportunities - Orientation programs often invite a number of people to talk with your student about campus involvement. Sometimes these sessions take the form of an activities showcase where a broad range of campus groups set up tables or displays that allow current members of these groups to interact with you and your child or pass out information about their organization. Other times a few offices will talk specifically about the multitude of ways to get involved and then show students how to find clubs to join and what to expect from those clubs.  Either way the goal is the same. To let new students know that college is more than just class time, and being happy and healthy on campus means being involved outside of class.

Safety and emergency information -This is one of the sessions that is often held jointly with parents and students. We know that you are concerned about your child’s safety and even if your child doesn’t tell you, he is too, even if its just because he doesn’t want you to freak out. Campus Safety is vital to the academic mission of the university, because it is extremely difficult to learn in an environment in which you don’t feel safe.

Campus police or security will often give students details about how to stay safe on campus and what to do in an emergency. Advice like locking doors, being aware of one’s surroundings, and securing property are all common tips provided by campus police, and it’s important for students to realize that their actions can play a major role in their own safety. Having this session with parents and students together assures you that your child has received this information as well.

Enrollment - The vast majority of summer orientation programs also include the student’s enrollment in his first semester of classes. These enrollment sessions are usually held for the students alone so they can sit down with an adviser, counselor or peer mentor to select classes and plan a schedule. Keep in mind that a lot has changed since we were in college and had to stand in line for hours to get a schedule that was virtually etched in stone when we left the registrar’s office.  Today, students can easily change class schedules online. This freedom is both a blessing and a curse.

Having the flexibility to change one’s schedule almost daily until classes start is very convenient, but please remind your child that just because he can change his schedule, doesn’t mean that he should.  Students have been known to accidentally enroll in senior or graduate level classes because the names of the classes were similar to the ones in which they were enrolled.  When this happens it is not uncommon for the class to be automatically dropped from the schedule, leaving the student short on classes and credit hours.

Advisers usually recommend that students can change sections or times of classes as long as they enroll in the same classes they had enrolled in during orientation. So, a student may freely change from the 8:30am section of English Composition I into the 9:30am section of English Composition I, but should avoid changing from English Composition I into World Literature I even though they are both introductory level English classes.  Once he gets into the swing of college there will be plenty of time to explore classes and take more diverse coursework, but for now, it’s best to leave well enough alone. 

* Suggest that your child enroll in early classes at least three days per week, or at least wake up as early as possible. Taking classes from 9:00am or earlier each day means that students aren’t sleeping through half of their days.  They will still stay up late, but early risers tend to have better time management skills and more time during the day for classes, study, work and other activities.

If, at the end of orientation, you still have questions or if once you return home and have a chance to process all the information you received, you still have questions, don’t hesitate to call the appropriate office or the general number for the orientation or parent relations office. We are used to fielding calls and emails about just about anything and can find the appropriate person to answer your questions. 

What to Expect During Freshman Orientation and Enrollment: Part 1

Summers are some of the busiest times on college campuses. This is the season when we welcome thousands of new students to campus for orientation and enrollments session. Most colleges and universities hold parents' orientation sessions along with sessions for students. Of course orientation sessions will vary slightly from school to school, but here are some common things to expect from orientation. 

Information sessions - These are held by various offices or departments on campus and are meant to introduce you and your student to the resources and services that these departments offer. For example, the university health clinic representative may tell you that they offer pharmacy services for less that your current pharmacy co-pay or the parking enforcement office may offer ways for parents to get free on-campus parking in certain lots when you visit.  There are often so many services available that students and parents don’t utilize because they missed hearing about them in orientation, or didn’t read through the handbooks or online guides. Don’t let this happen to you. Attend all the session you can, keep the handbooks you receive, and become familiar with the college’s website search feature.

Tours - Even if you participated in campus tours when your child was choosing a college, they take on a new feel as you realize that this place will be your child’s new home within a month or two. Tours during orientation are usually more specific and highlight the day-to-day routine of a typical student.

Instead of showing off the new labs or the remodeled residence hall, orientation tour guides may be able to show the student the exact buildings, dorm rooms, and classrooms they will be in on a regular basis. Chances are that your child, being a freshman, will not be able to live in the deluxe new residence halls or use the new labs that mostly juniors and seniors will access.

Some students are disappointed that they did not get their first choice residence hall or that they will be living farther away from the cafeteria than they originally thought. Remind him that he will be there for four years and by the end of his freshman year he will know where almost everything is and where he wants to live the following year.

Explanation of costs, bills and due dates - Even though the responsibility for paying tuition, fees and other expenses is technically your student’s we understand that it is virtually impossible for an 18-year-old pay for college entirely by himself. Even students who have multiple scholarships and part time jobs will need help from you once in a while, so while we may emphasize that the bills will be sent to your child, we will also tell you everything you need to know to make sure he or she doesn’t miss a deadline or end up without a meal plan due to an unpaid bill.