No matter what kind of gloss you put on it, going to college is stressful. You have to study, make the grade -- and pay for it all.
Some two-thirds of millennials say they were unprepared for life events like college because "they didn't prepare for the financial implications," according to a new survey by TD Bank.
The survey found that "that 22 percent of millennials and 17 percent of Hispanic millennials feel they are under extreme financial stress. Additionally, 55 percent of millennials and 60 percent of Hispanic millennials feel they are able to manage their finances, but are having difficulty finding financial happiness."
Outside of the classroom, finances weigh heavily on students and parents. But you can lighten the load by preparing a financial game plan. Here's where you can start:
* Get a Liberal Estimate of All College Costs. Most families under-estimate the total cost of college. Did you figure in transportation costs? What about books and supplies? What about doo-dads for the dorm room like reading lights and hot plates?
Ask someone who's recently been to college about what they forgot to bring or buy. Then make a list.
* Plan Your Cash Management. The smartest idea I've seen is to provide a student with a debit card that the parents monitor and control. They can put a finite amount of money in every month -- that's the student's budget.
If that monthly budget is exceeded, find out what you need to do to cover basic out-of-pocket expenses. Be careful, though. Don't use a credit card for expenses. That's trouble.
* Buy Books Online or Used. New textbooks are horrendously expensive now. You can usually find used copies of the most commonly used textbooks in most college bookstores -- or buy them online.
According to the Government Accountability Office, the price of new textbooks has climbed 82 percent from 2002 to 2012. Of course, you don't have to buy them new or in paper form. Consider services such as Chegg.com, Campusbookrentals.com and Packbackbooks.com.
* Take the Meal Plan. All residential colleges offer a meal plan where you go to their cafeterias for a fixed number of meals a week. When I recently did a spate of college tours with my daughter, I was amazed at how food facilities have improved over the years.
Do you want gluten free or vegan? You can find them at many college dining halls. The choices are diverse and often healthy. I'm not saying that meal plans are a bargain, but they will curb students from overspending on food.
* Crowdfund if You Come Up Short. Today's students have social media to help them pay for college. My generation didn't have that. If we came up short, we either got a job, a loan -- or quit. That's not necessary today.
Now you can ask the entire Internet community to help you. Like most crowdfunding platforms, college-oriented sites display the stories of students seeking help. If you want to help, you can give them money.
For example, Cassie Wessely, a biomedical engineering student at Vanderbilt, wanted to stay in college after her mother died of cancer. So she went to gofundme.com for help. As of this writing, she's received more than $50,000 in pledges. Another social media method is to start a campaign such as #paymytuitionchallenge. You can do that through goennounce.com, which is in beta (they're testing it out) mode.
* Get All the Information You Can. I'm always astounded at how much information is out there for free. You can get help on financial aid through sites like Fastweb.com, Edvisors and Finaid.org. You can find nearly scholarship offered plus advice in applying for aid and calculators to determine the total cost of college.
The best part of all of this? You will need to discuss all of this and make the best plan. If the plan doesn't work? Try another one. The key is to start talking before you open that dorm room door.
