A good read for parents is No Sucker Left Behind

A college education is the second largest investment you will probably make next to your home. There are many hidden costs of sending a student to college. This catches parents off guard and unprepared. This book give you a heads up and some tips on how to handle the high cost of a college degree. This is not to scare off parents but I am all about gathering information. With information, you can tackle the financial expectations successfully.

Dan Serra, a retirement planning specialist for Rainsberger Wealth Advisors, has five simple financial strategies for your college student that I thought was worth passing on…

He suggests fiscal responsibility by putting together a plan to manage financial affairs during the college experience.

Some tips he shares: Using Amazon.com or Craigslist for buying used text books (there are many sites online for used text books); Getting around campus on a bicycle -it is more prudent to have a car when you graduate to get a job than as a student; Protect yourself by having medical insurance; Save for emergencies such as student trips, your computer is stolen etc…; And No Credit Cards - a better option is a debit card.

My next posting is more advice of preparing for the hidden costs of college.

Many parents are spending one-third of their income on a college education.

Statistics from the Organization for Economic Cooperation and Development show that the U. S. ranks:

• First in government spending on education;

• 18th in high school graduation rates;

• 10th among countries in 25-35 year-olds who have college degrees; and

• First among countries with 55-65 year-olds who have college degrees.

These are just some interesting statistics but it is food for thought. College is a major investment. Include your student in financial discussions so they know where the money is coming from and what their responsibilities are.