Parents of college students know that it’s never easy, no matter whether you’re watching your first, last, or only child spread their wings and enter young adulthood. You don’t want to be a helicopter parent, but there are also some real challenges your college student may face, and having your support when they need it most provides a valuable safety net. As you navigate life post-drop-off day and put together a care package of forgotten essentials (first aid kit, anyone?), here are some critical documents to take care of during parents’ weekend or the upcoming holiday break.
Keep Tabs Academically
You’ve helped fill out FAFSA forms and scholarship applications to help get them into college, but what happens to your involvement after classes commence? Once your child reaches the age of 18, you no longer have the legal right to access their education information, including grades, academic records, or disciplinary actions. A Family Education and Rights Privacy Act (FERPA) waiver allows you to stay in the loop legally, which may be especially helpful if you’re the one paying tuition. Your child’s school may have forms available, but if not, you can easily find them online. FERPA is enacted at the federal level, but some states have their own student privacy laws, so double-check with the school to see if there are any additional forms you need to sign.
Make Sure You Can Help in a Medical Emergency
After 18 years of Band-Aids, taking temperatures, and scheduling doctor appointments, the urge to ensure you can be there when your kids need you doesn’t just go away. However, without the right legal documents in place, your hands could be tied in a medical emergency. Avoiding every parent’s worst nightmare is as simple as filling out the paperwork and making sure it’s notarized, if applicable:
- HIPAA Release Form- Signing a Health Insurance Portability and Accountability Act waiver grants you the legal right to be able to receive information about your college student’s medical treatment if your college student faces a medical emergency. Keep in mind that you need to specify which healthcare provider is being authorized to share information. Be sure to list the campus health center as well as the nearest hospital and any relevant off-campus providers (such as specialists). If your student is out of state, fill out a form for your home state as well as one for the school’s state.
- Medical POA- As a Medical Power of Attorney, you can legally make healthcare decisions for your child if they become incapacitated.
- Durable POA- Again, if your child is unable to make decisions for themselves, being designated as their Durable Power of Attorney will allow you to keep their finances on track, like adjusting their financial aid or paying bills, if needed.
- Living Will- You don’t want to be in a position where you risk making decisions for your child that don’t align with their wishes. Make sure you know what they want regarding end-of-life care.
- Health Insurance- Is your child staying on your health insurance? If so, check network eligibility and make sure they know where the closest in-network healthcare providers are, especially if they’re attending an out-of-state school. Most plans will include emergency care even for out-of-network areas, but if non-emergency care is cost-prohibitive, you may want to look into purchasing coverage through the marketplace for your student; usually, moving for school is considered a qualifying event, so they’ll be eligible for a special enrollment period.
Ideally, your college student was able to schedule any medical or dental appointments before they left for school (bookmark this for your other college-bound kids). If not, try to schedule their appointments for holiday breaks–December is a great time for this, especially if you’re trying to use up benefits before the year’s end. Book appointments early to beat the rush.
Maintaining Insurance Coverage
A medical emergency isn’t the only challenge you’ll want to support your child through. We all know how invaluable a college student’s laptop is! If they’re living on campus, check your homeowner’s policy; it may offer coverage for your student’s belongings even if those belongings are with them on campus. If they’re living off campus, look into purchasing a renter’s insurance policy to protect their possessions. Car insurance is another safety net worth reviewing. Most students remain on their parents’ plan because it’s typically more cost-effective, but they may be eligible for more favorable rates if they’re attending school out of state. Insurers base rates on zip codes, so it’s worth looking into an individual policy for them.
Preparing for Lift Off
Seeing your child off to college is an emotional landmark for most parents. You’ve helped provide the best for them their entire lives, so it’s only natural to wish time moved a little slower. However, easing their transition into adulthood is a natural next step that’s good for everyone involved. You’ll still be the one they call when they don’t know what kind of cold medicine to buy or how seriously to take that weird sound their car is making. And when they need advice on saving for retirement or their first home, we’ll be there too, with plenty of tips to help them be Smart About Money™.
Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
Material provided, in part, by Kalli Collective, an independent third-party, Raymond James is not affiliated with Kalli Collective.
Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of the strategy selected, including asset allocation and diversification. Past performance is not indicative of future results.
