Our kids had their own credit cards with a very low limit…tied to their college bank accounts. Not sure these are still offered…our kids were freshmen in college before some of the bank reforms took place.
Our kids both worked during college. We never saw their credit card bills…they earned the money to pay these bills themselves. Both were eligible for higher credit limits once they got jobs after college graduation.
Some families do allow students to use parent credit cards. Everyone I know wants to know if something beside transportation home, books or essentials is being charged prior to use. It’s not a bottomless pit credit card of money.
We added them as an authorized user on ours. Otherwise, they use a debit card. So far, S22 has always asked before using it and it’s only been used on transportation home - shuttle, parking, plane tickets, etc, or when I send him to the grocery store for me.
My 3rd year college kid has a debit card (w checking account) to his own bank account where his summer earnings plus some scholarship money has gone. He pays for all his own groceries now that he’s off campus as well as his apartment internet bill and his roommates pay their internet portion via Venmo. I think it’s important for him to see his balance change, especially with all the Chipotle runs during the summer! He has Apple Pay tied to our credit card if he needed it, but almost never uses it. We do need to think about starting to build his credit though.
I signed up for another Alaska Airlines credit card account and put my kid on the account as an authorized user. Gave her the card with her name on it and put the other one away. She used the card for all school-related expenses. And when she moved off campus, she used it for groceries because those were “529-able” expenses. It was so much easier to have her expenses come in on their own bill and not be mixed in with my charges. But an authorized user does not help them build credit. So we are jumping thru the hoops to now have her considered a co-owner of the account. We did the same thing for my son. There are more hoops for him because he’s only 19.
I don’t know what builds credit or not but know that both mine, after being authorized users, now get big offers. They weren’t before.
As for the 529, note that you cannot claim more than what your school estimates for room and board. Personally I use that - it’s just simpler vs. trying to be exact.
Of course either way is fine but I don’t believe actuals for off campus are allowed, unless they are under the school stated amount.
In my case, I lose - where my daughter goes to school off campus costs much more.
I believe an authorized user does help that person build a credit history. Everything I have read suggests it is beneficial to add your child as an authorized user on a card you have held for very long. This improves their credit rating, sometimes significantly. Have them open a credit karma or similar account to track their credit score then add them on a card you have had for a long time, see if it helps.
I would strongly recommend a student credit card over a debit card as mentioned above. The consumer protections of credit cards is very beneficial.
I joined 2 of them, because I have 2 kids that qualify. Is that allowed? I only see 2026 listed by my name, so now I feel like I’m out of place here, in 2024, even though I have a 2024 kid. Or should I just pick one and go with that?
Adding - is the “group” something other than getting a designation attached to your name?
LOL mine is still slogging through the math review modules for the ALEKS so he can attempt it for the second time. He still has like three hours left. AND still has the Spanish placement exam. Lord save my sanity.
D24 & I bickered over it last night. She said she was going to take it on Wed because she wanted to do some studying and review. I told her, you’ve had the entire month to do that but you chose not to. Suddenly now it’s a priority? At the last minute? I watched her yesterday spend literally all day laying around doing absolutely nothing. I told her, “Listen, it’s a holiday weekend this coming weekend. And your college’s spring semester is done. And almost every office workplace in this country will be on more of a skeleton staff the closer you get to this weekend. AND your advising appointment is next Tuesday. It’s up to you but I think it’s a bad idea to get push it.”
Like you, when our kids were in college they were able to get credit cards in their own name. When they were seniors in HS we got them a gas station card as they had a long drive to/from school and they had the responsibility for gassing up their cars.
While we put them each on one credit card when they were in college, it was to be used ONLY for travel (flights home) or emergencies, and they had to let us know and have our permission. They used their own card for their personal expenses and learned to manage their own money- a very valuable skill in their adult life.
Help, was just told this morning that kids do graduation cap toppers. He has his stem high school graduation Sunday and then his home high school in a couple weeks. Are there pre-made things we can get quickly? He’s not flashy, would probably just want college logo or something?
I saw some generic cap topper stickers at Dollar Tree last week. I believe Walmart and Target also carry them. If he wants the college logo, does the college have some clip art he could print and glue to his cap?
After S19s senior prom when they foolishly let the students bring their own “water” bottles in (seriously admins?), we now have police presence and breathalyzers, too. Oh, and no more bringing your own drinks in. Go figure.
Thank you, I’ll look. I cannot believe how expensive and extravagant these get. I was just looking at pennants on Amazon, maybe just trim logo and stick.
S19 and S21 both just went with their debit cards linked to their own accounts, and opened their own credit cards after their first year. Discover in particular markets heavily to students.
The kids are in charge of all of their expenses. The debit cards are linked to their personal bank accounts, and the credit card bills go to them. I suggested to them to use the credit card for at least one or two purchases a month - gas, for example - and then pay it off immediately. D19 followed that advice and then asked me last year if a credit score of 755 was good.
Now the oldest has his first apartment, first job with benefits, 401k, etc. It’s hard not to hand-hold too much, but I keep reminding myself that I figured all of this stuff out on my own (with truly NO help from my parents), so they are completely capable.
We finally have a decision in our household. Sweatshirt purchased for decision day at school, check
A fairly unknown around these parts but my D will go to Seattle University on a full tuition exchange scholarship. We are just responsible for room and board which is a relief.
Now hopefully we can catch up to all of you, taking placement tests, orientations etc
Jesuit colleges outside of the few most famous seem systematically underdiscussed here to me. They often have so many of the virtues sought here–strong academics in many areas, a focus on teaching excellence, very strong alum networks, often great locations, not too big and not too small, and so on. They tend not to be heavy-handed on specific religious matters, and the Jesuit tradition really comes through most strongly in terms of ethics, service, and being intellectually well-rounded–which are broadly shared values.
And then if you can get one on a great deal? Fantastic!
Fully agree on this point! Was discussing the current makeup of my son’s list with his counselor yesterday and we couldn’t help but have a chuckle at how many Jesuit institutions are on his investigate list. I think what is attractive to him is that it gives a similar feel to his boarding school and the strong community feel. The big take-away from tour we went on at Providence College was the religion aspect is opt-in not opt-out!