3. How can I make sure my student will be able to survive in college off the budget we come up with? "So many kids go off to college and think the money is going to keep flowing," says Sevier. High school seniors need to be on a cash budget now while their parents are in the same home to guide them, she says.
"Make a list of what is spent each week on food, entertainment, etc. and keep up with how much is spent and available," Law advises.
A better option is to give high school students a bank account with enough money to pay for their own food, clothing, housing and car expenses, Sevier says. Then they write checks to their parents as bills come, she says.
"The result of learning how money is spent in high school will help students learn to manage their budgets in college," Law says.
Trying to save for college? Get tips and more in the U.S. News College Savings 101 center.