Spring Semester Planning for Kids Returning to College

You made it! The kids made it home, the in-laws were tolerable and there weren’t a ton of gifts that needed returning. Now that everyone is headed back to campus, it’s time to either let that old anxiety creep in or spend some time on the front end helping your son or daughter develop a plan to be successful for Spring Semester.

Money

If you have not learned by now, discuss how much you are giving to your kid and when you’ll give it to them. You don’t want to find yourself in a defensive position Sunday night while your son is blowing up your phone begging for their regular spending money to be put into their account early. I recommend putting money into the account 2x/month. Put it on them to create a budget which factors in their books, fun money and any other expenses. I also recommend a limit is set for any credit cards and deciding who and when it will be paid off.

Organization

Talk about starting the semester off with everything in it’s place – clothing, car, computer. Let’s make sure everything is reviewed, updated and ready to go. While we’re at it, let’s pull up the calendar and start looking into the future to see when things will need to be re-updated. Get the oil change scheduled, even if it’s two months out. Get the printer cartridge in your Amazon Wish List so that you can move it to the cart quickly when your printer gives you a frowny face.

Scheduling

Speaking of calendars, let’s go ahead and talk scheduling more in-depth. I recommend to every college student they use the following strategy: Get all your syllabi, Put all dates for tests, papers, office hours, etc on your calendar. For tests, count back from the test date one week and put schedule study times (no longer than 90 min). Do the same for papers. Break down writing the paper into reasonable and realistic chunks of time and put them on your calendar. Theme: Put everything on your calendar, everything. If your son or daughter are in greek life, there are a ton of events that can be put on the calendar. Same with internships or study abroad – break down all the details so that you can see things from 10,000 ft.

Travel/Visiting Home

Plan out whatever travel including home visits your kid will have mor might have. If travel plans are only possible and not 100%, put a question mark after it so at least everyone knows that period of time is possibly accounted for.

GPA 

If your kid’s GPA got beatin up a bit in the Fall, it’s probably a good idea to identify a reasonable expectation for the Spring. If your son or daughter limped home with C’s and D’s, ask what is a realistic GPA for which to aim. Talk about it but make it clear there needs to be something concrete. . Along with identifying a GPA to aim for, talk about specific strategies that will be used to support them. All colleges have student support and academic support options. For instance, here in Bloomington, Indiana University has a solid Academic Support Center with a ton of resources that work well for thousands of students struggling academically.

Graduation/End of Semester

Part of that schedule should also have details that show your finals and last day of classes. Put details about studying for finals, having family in town, etc. If your son or daughter is graduating, figure out details early in the semester since 1) things get crazy busy/expensive during graduation and 2) hotel rooms get sold-out.

On Campus Help

Besides hooking up with academic support, it’s not a bad idea to find a counselor/life coach that can act as liaison between home and school. This professional should provide regular updates to parents, meet and be available as often as needed. They should be well-versed in young adult issues like anxiety, depression and ADHD. Universities often have counseling centers on campus that provide individual counseling for about six sessions and then they refer to a community professional. They might have ideas about professionals near your kid’s school that can offer support.

Final bit of advice – trust your kids and trust the process. With a bit of planning, your kid’s semester will have highs and lows but ultimately, they’ll finish the semester better than they started it.

5 Signs of Suicide Risk in College Students

FACT: 15% of graduate and 18% of undergrads have seriously considered attempting suicide

FACT: 15% of graduate and 18% of undergrads have seriously considered attempting suicide

There is nothing more exciting than dropping of your college freshman in late August as the cool nights of Autumn return. But not all students carry with them the same energy and positive outlook for the Fall. Some are carrying some heavy baggage from High School or even younger while others don’t start to develop any major issues until they first get to college (and their first taste of freedom from parents). What parents don’t know is that you likely know your college friends (or at least a side of them) better than their own parents do, and you may be able to tell that something is wrong way before anyone else. This quick list is as much for parents as it is for you students out there. 

The following signs might indicate a student is considering suicide:

  1. A good student who’s behavior suddenly changes – they start ignoring assignments and missing classes which are likely signs of depression or drug and alcohol abuse, which can affect their health and happiness and put them at risk of suicide. And yes, good students and good kids use drugs. Seriously. 
  2. Anyone who doesn’t have friends or who suddenly rejects their friends may be at risk. A friend who suddenly rejects you, claiming, “You just don’t get it,” may be having emotional problems.
  3. College students may be physically or emotionally abused by a member of their family or their girlfriend or boyfriend – or suffering from abuse that occurred long ago but triggered by the new college environment. Abusive relationships can make a college student feel like crap about themselves. Signs that a person may be in an abusive relationship include unexplained bruises or other injuries that he or she refuses to discuss. 
  4. This is a common one – Significant changes in a someone’s weight, eating or sleeping patterns, and/or social interaction style may indicate that something is wrong. Eating disorders are super common at college. Lot’s of perceived competition, anxiety and stress that translates into really unhealthy views of one’s self. 
  5. Coming Out? College students may suffer from depression or have thoughts of suicide if they have a difficult time adjusting to their sexual orientation or gender identity. Gay, lesbian, bisexual, and transgendered students have higher suicide attempt rates than their heterosexual peers.

We understand regret and their could certainly be a real consequence of getting help for someone who seems to be really hurting. They might get pissed at you for not minding your own business. But think of it this way – is the regret of possibly losing a friend better or worse than the potential of knowing you could have saved your friend’s life but did nothing? Tough choice but that’s part of the burden of mental illness. 

7 Personal Finance Tips for College Kids

Yup - More advice for college kids.

Yup – More advice for college kids.

Chapel Hill is once again overrun with the bustle of students back at UNC. Restaurants are packed and campus is vibrating with the nervous excitement that envelopes our small town each Fall. Unfortunately, not all students are prepared to take-on the privilege and responsibility of freedom only a college student can experience.  Here are 7 Personal Finance Tips we have used with other kids and their parents. 

1. Finish Your Education

The only thing more expensive than a life without a college degree is a life with a partial degree and student loans. If your college student is struggling at State Univ with a bazillion other kids, take the next semester break to meet with a career counselor or clinical education consultant to discuss what about Big U. is not working for your kid. Don’t dump another penny into education until it’s towards the most effective environment for their learning. 

2. Set a Budget
Sit down with the parents, figure out what they are willing to provide either monthly, semester or for the whole year. This is your ‘income’ essentially. Next, calculate all your Essentials or Needs (beer is not a need). Things like printer cartridges, meal plan or food money, gas money if your off campus, text books. Next, figure out your Wants (this IS beer money). Add your Needs and Wants – this is your estimate in expenses. Break it down per week since doing it by months does not fit well with semester length. If you have $100 per week for your entire budget and your parents do a great job of ignoring request for additional injections of cash, you will quickly learn how to use a budget. We encourage parents to not put a lump sum in an account everything month – it’s way too tempting to blow through that in a week. Instead, put it in weekly based on the budget you all came up with. Any adjustments should be made during semester breaks in person. 

3. Invest (… a little)
What you’re lacking in capital (ie. $$$) you can make up for in time. With very little money put aside either each month or year, you’ll be able to take advantage of compound interest – the most magical of money making secrets. Here’s an example:
Let’s say you took $1,000 invested it August 2014 in a mutual fund with an interest rate of 5% per year as you were heading of to NYU for Fall classes. Each subsequent year, you put in only $250. After you graduate you get a job – not your dream job, but something that covers your bills with a little extra. You continue to put in $250 per year and do this for another 6 years. The total amount you invested was $1000 + ($250 x 9 years) =  $3250. But the cray thing is, your money has been quietly making little money babies in your mutual fund and the total value is actually $4,930.59. Nice. That’s $1700 in income you made without lifting a finger. What another magic trick? Put no more money in EVER and when you are 59 years old, that same $3250 will be worth $24,023.96. Play around with this calculator to see more about what money does over time. 

4. Learn Finance Basics
This is a great time to learn the basics about taxes, expenses, budgets and cost of living. Waiting until you’re 29 years old, married with a child on the way is the wrong time to start learning. Take advantage of any finance classes available at your school. Ask to help your parents during March and April while they prepare for taxes. The absolute most hardcore way to learn personal finance from my perspective is to start a business. This pushes you to understand basics of cashflow, expenses, revenue vs profits, taxes, selling, marketing and negotiating – all skills totally transferable to most other life domains. 

5. Lock Up Your Money
If you are a student and have money of your own either from a job or money from parents – consider putting it aside till you graduate. How do you figure out what to put aside? This is where our fancy-schmancy budget comes in. Figure out your reasonable realistic expenses for a semester X 8 semesters = Four years of college expenses. Life below your means (ie. income) and invest in yourself through education, relationships and experiences. Ignore all the crap other students stuff their dorms and apartments with and focus on yourself, getting the most out of your four years with low responsibility and high freedom. 

6. Get a Credit Card
The old school wisdom was to never get a credit card. Ideally, that sounds great – pay for everything with cash. Reality is credit (FICA credit score, that is) matters and credit cards are a great way to start building a great score. We recommend getting a credit card with a ceiling or spending limit that gets paid off each month. If the credit card is only used for school purchases like books, computer stuff, etc. it makes tracking the expenses for deductions and tax purposes way easier. It also helps provided easy tracking for expenses as relating to your new budget. Finally, it allows parents to easily review and pay the card balance while also getting card points if parents are in fact covering the bill. How to find one that fits? Try out Nerdwallet for some reviews on cards that seem well suited for the responsible college student. 

7. Work (…a little)
If you are privileged enough to not have to work while you’re in school, it’s not a bad idea to pick up a small part time job (or start a side business – ideas include laundry pickup, tutoring, making t-shirts). This will help build your resume and put some money in your savings account you’ll be able to tap when you graduate. If you’re taken out student loans, you’ll have to start repaying them within a few months of graduating so having a bit of a cushion in the bank will help lower your anxiety if finding a job or getting into grad school is tricker than planned. 

Ok, hope this helps get you all excited and prepared for the Fall semester. Contact us if you have specific questions about personal finance or career counseling for your college kid. 

Program Tour: Pros and (Not Many) Cons of Edge Learning Community

Findings of a Summer Day Tour at Edge Learning and Collegiate Community in Chicago

Among the towering buildings and rattle of platformed trains in downtown Chicago is a vibrant support community for young adults called Edge Learning Community. I met with their Director of Business Development, Chris McClaughlin, on a toasty Summer day recently. He was kind enough to meet me in the downstairs lobby  – a modern but elegant entry convenient to one of the major stops for the Chicago Transit Authority (map here).  

Up we went to their expansive and deceptively large common area. Sleek, clean furniture juxtaposed the industrial feel of the exposed brick walls and weathered hardwood floors. This was just the beginning of an exceptional space and community.

To the left, Chris escorted me to their rooftop ‘backyard’ area complete with grass (actually astro turf), outdoor projector for movies, lounge chairs and hot tub. Sweet views of Chicago were the bonus. The space felt way more private than you would imagine. Despite giant glass and steel over shadowing the old building on multiple sides, one has a sense of serenity. Not a bad start to a tour.  

After talking about some of the history of the buildings and infamous Chicago characters, we cut through the inside common area out onto another patio on the West side. This was a super-call outdoor bar and grilling area which felt more like a bistro than therapeutic program. Chris pointed out the buildings where Al Capone had secret get-a-ways, we talked about the history of the city and then, after the late-morning sun started to cook us, we got around to talking about the program. It’s center around what they refer to as Core Competencies: Whole Brain Thinking (Rational & Irrational Thinking); Creativity and Continuous Learning; Effective Communication; Leading within Teams; Community Stewardship; Sustaining Healthy Relationships; Self Care; and Management of Resources and Technology. Rather than cutting and pasting from their site, I recommend going to their site to read through the details.

After lunch in the kitchen/dining room, we toured the rooms that, to be honest, felt way more like high-end apartments with large kitchens. High ceilings and plenty of space for single or multiple students make each room a great space for studying, hanging-out and even cooking. Chris and I spoke about the limitations of many programs that only accept young adults in recovery. Edge is well-prepared and works often with folks struggling with addiction but they don’t think of themselves as a substance abuse program. It is not for those in the very early stages of recovery. It is definitely not for those that do not have basic internal locus of control and responsibility for their behaviors. The heavy lifting of support for each resident is performed by coaches who, for all intents and purposes are therapists as shared with me by their clinical director Jason Wynkoop. They are highly trained and competent to work with young adults struggling with organization, recovery, mental health issues and behavioral support needs.

Our tour and day ended high above Chicago talking about Edge, it’s program and the bright future they have since so many older, more established programs are just not meeting the current needs of students today. To summarize, here are some Pros and Cons to consider. If you need more insight, contact us. We’re happy to share what we know to help you make the best decision.

Pros

Aesthetics: Fantastic common areas (no crappy This-End-Up blocky wood sofas that smell like dog). Mature, hip and nicely appointed apartments with great views . As a side-note, I had no idea This-End-Up was still in business until I researched the link for this review. Wow.

Location: If you are freaked out by silence, if you can’t stand wilderness, and if you prefer the hyper-rhythmic flow of the city, Edge is where you need to be, especially if you are in college and need support.  It’s close to huge parks, museums, great restaurants, entertainment and tons of public transportation. Cars are definitely not needed here.

Independence: For those needing collaborative but not overbearing support from super competent professionals, Edge is your place. There is an expectation you are in school and keeping busy during the day.

Cons

Model: It’s not a bad thing but if you are looking for a super traditional transition program this may not be for you (or your son or daughter). Their collaborative approach rocks for some but may feel overwhelming to those that just want a bed for their head.

Location: If the cacophony of big city life wears you down, this is not the program for you. Edge’s DNA is inseparably tied to the fast-paced hustle of 2.715 million neighbors. Fit is a big deal when looking for support during the already stressful (and fun) time of college and young adulthood.

To be honest, there just aren’t many Cons – nothing here is inherently bad. Quality, in this case, is clearly defined by fit. For those ready for the interdependence of young adulthood we highly recommend visiting Edge for one of their informational meetings/weekends, talking to alum and getting a tour before committing to Edge. Once you know it’s the right place for you, you’ll experience the intense, positive support of this fantastic, innovative community.