San José State University Parent Guide

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Helping Your Student with Finances

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Understanding finances as a college student goes well beyond financial aid. Whether your student is receiving financial aid, working their way through college, or getting a weekly allowance from mom and dad, a conversation regarding student finances cannot be overlooked before your student goes to college.

The Financial Aid and Scholarship Office, located in Student Services, is a great resource for questions regarding scholarships, work study, loans, and federal grants. Encourage your student to check their My SJSU account at least once a week for messages regarding their financial aid. Important deadlines, such as filing your FAFSA (Free Application for Federal Student Aid).

There a number of other important financial topics to cover with your student. Show them how to set a budget, determine financial priorities and be sure to account for “fun” money. If they don’t already have a bank account, help them open both a checking and savings account and teach them how to write out a check and track their spending in a check register.

Discuss how much they should contribute to a savings account and what that money should be saved for. If it’s only for emergencies, what consists of an emergency? For those students that will be working, talk to them about filling out an I-9 for employment and tax purposes.

If your student has not already begun receiving credit card offers, they will soon. Explain to them the benefits and dangers of credit cards as well as the importance of having good credit. As we all know, bad credit is hard to fix and can be haunting for years.

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