College-Bound: Conversations, Checklists, and Financial Clarity

As July turns its final pages, many parents and students find themselves opening the next chapter—August. For many families, August means back-to-school preparations, from shopping for supplies and clothes to soaking in the last days of summer. It also marks the beginning of fall sports, new routines, and, for some, the major milestone of heading off to college for the first time.

Beyond the Dorm Checklist

For parents and students gearing up for freshman year, it’s easy to focus on dorm room essentials—and while that’s an important part of the process, now is also the time to finalize the critical paperwork. Be sure to:

• Confirm tuition amounts, payment plans, and any financial aid awarded

• Submit medical and immunization records from your current healthcare provider

• Review and update health insurance coverage

These foundational tasks ensure your student starts college on solid ground.

Conversations That Matter

For many students, this will be their first experience living independently. Now is the time for meaningful conversations that go beyond logistics, especially around health care and finances.

Start with insurance: Help your child understand what their coverage includes, how to seek care, and which questions to ask in a medical situation. Then, take time to cover the basics of budgeting—a financial skill that can positively influence their entire college experience.

At Whitaker-Myers Wealth Managers, we take budgeting seriously. In fact, we have a full-time financial coach dedicated to helping individuals build sustainable financial habits, no matter their age or income. Teaching students to budget goes beyond preventing overspending. It encourages healthier eating, intentional spending, and reduces mental and emotional stress, especially in a season that can feel overwhelming.

Open dialogue about the emotional transition is just as vital. Let your student know it’s okay to feel nervous, uncertain, or even homesick. Creating a safe space for these conversations now helps them navigate challenges later.

College Costs and the Emotions Behind Them

Money and emotions are often intertwined, especially when making decisions about college and a child’s future. As Dave Ramsey enthusiasts, we don’t typically recommend student loans as a first option, but we recognize there can be exceptions when handled strategically.

The newly passed One Big Beautiful Bill Act brings significant changes to the landscape of college financing. Among its key updates:

• New borrowing caps

• Elimination of income-driven repayment options for Parent PLUS loans

• Recommendations for existing borrowers to reevaluate their plans

These shifts make it even more important to have a thoughtful and informed financial strategy.

A Smarter Path to College Planning

Paying for college can be confusing and stressful without a plan. That’s why we’ve partnered with Collegiate Funding Solutions to deliver a forward-thinking, student-centered approach to college planning. Earlier this year, we hosted an exclusive webinar packed with valuable guidance to help students and families reduce or even eliminate reliance on student loans.

Interested in a free college planning consultation? Reach out to Tim Hilterman today and mention this article in the “Comments” section when scheduling. You can also begin by submitting your student’s information through the College Planning Report.

The Bottom Line

Being a first-time college student—or parent of one—is a big deal. The stress, the planning, the emotions—it’s a lot. But the journey is also exciting, transformative, and full of opportunity. By being prepared—through paperwork, financial planning, and meaningful conversations—you help ensure that the transition from home to campus is not just manageable, but memorable for all the right reasons.

If you're unsure where to start or want to learn how the One Big Beautiful Bill Act may affect your finances, don’t hesitate to connect with your financial advisor today.