They did it! Your child got into college and is nearly ready to go off on their own! As a parent, you’ve been preparing for this moment for years. Maybe you’ve saved money in a college fund or encouraged your child to apply for scholarships. Perhaps you’ve guided them through applying for student loans. Either way – you know the cost of tuition and are prepared for the inevitable bill.

But are you prepared for move-in day?

Hidden Costs

We all know that a college education is expensive, but physically getting to a college or university and preparing to start courses can be, too. And these are costs that won’t be covered by financial aid – most likely, you’ll be paying for these expenses out-of-pocket.

So, what hidden or unexpected costs should you be budgeting for as your child prepares to enter academia? Below, we break down some of the most common items.

Travel

If your child is attending a school in a different town – or state – budgeting for travel is key and should cover more than just move-in day.

Ideally, you should start building a college travel budget a few years in advance to account for visiting multiple schools before high school graduation.

Your budget should include:

• The cost of food for you, your child, and anyone else that’s tagging along.
• The cost of travel – either gas or airfare.
• The cost of a hotel or other overnight arrangements as needed.
• If you have to take off work for these trips, be sure your budget is taking that lost time or lost income into account.

Your new college student may also need to make separate trips for orientation and registration. And, of course, don’t forget about any planned visits home – especially if your student isn’t taking a car with them and will need to be picked up.

Move-in Day

You probably already know you’ll need a budget for move-in day. Your student is moving out of the house and into their own space for the first time, so they’ll need to have all the necessities.

While college dorms typically provide furniture, there are other necessities you’ll need to provide.

You may need to purchase:

• Bedding
• Towels
• Nightstands
• A comfortable chair
• Desk or floor lamps
• Toiletries
• A Laptop
• A television
• Trash Cans
• A mini fridge and a few pantry staples
• Decorations

And don’t forget the cost of physically moving in. It’s a lot of luggage and odds and ends. If you don’t have access to a truck or trailer, you may need to rent one, which should also be accounted for in your budget.

Car Costs

If your child is taking a car with them, you’ll need to consider the parking situation at their college of choice carefully.

Will they have a dedicated space, or will they be required to park in a general lot like the stadium parking lot? If so, the school will likely require student vehicles to be moved elsewhere on game days. If your student cannot find a free parking spot, you’ll need to make sure they have enough to cover parking fees – possibly for several days.

You’ll also need to ensure regular maintenance, like oil changes, is accounted for and that your student has enough money for emergency repairs.

Other Costs to Consider

There are also a few miscellaneous costs that will crop up during the move and throughout the school year that you’ll want to be prepared for.

Some of these may include:

• Laundry fees – both the cost of running a machine and money budgeted to replace detergent.
• Snacks and pantry staples.
• Buying new shampoo, toothpaste, soap, etc., throughout the year.
• Purchasing new clothing when the seasons change – especially if your child is attending school in a state with a different climate.
• Tuition add-ons, including passes to home games or other sporting events.
• Fraternity and Sorority dues.
• Honor society membership.

How You Can Prepare

If your student doesn’t yet have a bank account, now would be an excellent time to open one. A debit or credit account can help them cover last-minute costs and, if it’s a joint account, can allow you to send funds if needed. There are several account options designed for students that may be worth checking out.

You can also talk to your child about budgeting for college and strategize ways for them to practice financial independence so that they can start forging their own path as they set out on their new college adventure.

And, if you have any other questions about how you can prepare your child for college, our attentive local bankers are always willing to chat.