College Send-Off Checklist

Sending your son or daughter off to college is an exciting milestone! Here’s a checklist of important topics to cover with your college students to ensure your family is prepared for this significant back-to-school transition.

Risk Management Considerations

Review your Property & Casualty insurance coverage.

According to bestcolleges.com, of the most common types of criminal offenses reported on college campuses(2021), 23% were Burglary and 19% were Motor Vehicle Theft. If your student lives in a college dormitory, sorority, or fraternity, you may want to consider having a renter’s insurance policy that will cover their personal property from theft and accidental damage. Renters insurance for college students is relatively inexpensive and can include liability coverage. Each roommate should purchase their policy to ensure adequate coverage.

If your child will be driving a vehicle to college, it’s important to review their auto policy.  Some things to discuss with your P&C agent include usage guidelines if your student will be driving more than 50 miles away from home, any policy limitations on passengers, and understanding liability if friends drive your son or daughter’s vehicle. Ask your agent about any discounts available for maintaining good grades.

Have you considered co-signing on your child’s lease? Keep in mind that parents can be held liable if anyone is hurt or injured in your student’s apartment. It’s a good idea to talk to your child about the risks involved in hosting parties, serving alcohol, and the safety concerns of living off-campus.

Discuss internet safety and cybersecurity awareness.

Most college students take a personal smartphone and computer with them to school. Cyber security experts recommend keeping antivirus software up to date by routinely installing system and software updates. Help your students understand the importance of having strong passwords on their devices and the risk of sharing passwords with friends and using the same passwords across various accounts and platforms.

For additional password protection tips, visit: How to Create a Strong Password in 2024: Examples & Guide (cybernews.com).

The FTC recently reported an increase in job scams targeting college students. Scammers are reaching out to students through social media platforms and text offering lucrative job offers, often acting as Human Resources representatives. Advise your student to NOT provide any personal information like Social Security numbers, bank account, or driver’s license information without discussing the job opportunity with you first. Scrutinize the recruiter’s email address, and check with the college Career Services Office if you suspect a bogus job offer.

Additional scams targeting college students include fake credit card offers and scholarship scams attempting to obtain personal information from students. Fake rental scams are also common using social media and Craigslist ads with apartments appearing to be other students looking for roommates. If your student crosses paths with a scammer, the FTC requests you report it immediately to https://reportfraud.ftc.gov/.

Important Documents

Once your child turns 18, you no longer have a legal right to participate in their healthcare decisions and you can lose access to their academic, healthcare, and financial information. Here are important documents to have in place for your adult child.

Medical Power of Attorney and HIPAA

The Medical Power of Attorney (MPOA) designates the individual(s) that can have medical treatment authority for your adult child if he or she is incapacitated. The MPOA, also known as Healthcare Power of Attorney or Healthcare Proxy, has signing requirements that vary by state and may need to be notarized.

The HIPAA Release Form designates to whom a healthcare provider can release medical information. There is no universal HIPAA authorization; you must specify the health care provider (clinic, doctor, hospital) on the release form. College campus clinics and health services offices will have forms for on-campus treatments.

FERPA (Federal Educational Rights and Privacy Act)

Once your child heads off to college, the right to inspect and review educational records transfers to your student. Even if you’re paying the tuition, the school will not provide academic information such as grades and graduation standing without a FERPA or another waiver on file. The college admission office will be able to provide this document for you and your student to sign.

Health Insurance Card

Confirm coverage and talk to your student about how to access medical care. It’s a good idea to discuss how to handle co-pays and filling medications. Review on-campus resources including medical clinics and mental health counseling services to ensure your student can handle any health and wellness issues that come up during the school year.

Financial Management Considerations

The most important money management tip for your college student is to create and adhere to a budget. Budgeting empowers students to prioritize their expenses and avoid the pitfalls of impulse spending.  Discuss your expectations of what each party is responsible for paying, and how you’ll handle emergencies before they happen. Setting limits on credit card usage and learning to differentiate between needs and wants are important financial life skills your student will carry forward through college years and beyond.

Take advantage of student discounts. For example, Microsoft 365 offers FREE access with a school email address. Several of the major cell phone plan providers offer student discount programs, and many streaming services and publications offer subscriptions at deep discounts for college students. For more student discounts that’ll save you and your student check with your college’s Student Services office.

In addition to an MPOA, have your adult child sign a Financial Power of Attorney. This document can give a parent the authority to help a college student with financial matters while they’re away from home. This includes handling financial aid paperwork, managing bank account(s), handling tuition bills, and filing tax returns on behalf of your child. A trusted attorney can help answer questions and draft a POA document. Both the child and parent sign the Financial Power of Attorney and it’s advised for both parties to keep a copy.

Actively involve your students in financial discussions regarding their college-related expenses. Consider including your child in an upcoming conversation with your Clearwater Capital advisor. It’s never too early to help them develop the skills that promote independence, responsibility, and a better understanding of their financial situation in the long term.

By taking these steps, you’ll help ensure a smooth transition for you and your college student during the upcoming school year.

https://www.bestcolleges.com/research/campus-crime-statistics/#most-common-crimes

College Students and Identity Theft – ITRC (idtheftcenter.org)

Job scams targeting college students are getting personal | Consumer Advice (ftc.gov)

https://www.cosmopolitan.com/lifestyle/a45683013/best-student-discounts/?utm_source=google&utm_medium=cpc&utm_campaign=mgu_ga_cos_d_bm_prog_org_us_a45683013&gad_source=1&gclid=Cj0KCQjwwae1BhC_ARIsAK4Jfrwqj9CMLJ9r41t5ixswi3Pj5eBTEaADX3JcajuEPh_WQPJPRiH_QEEaAvLREALw_wcB