How much allowance for your college bound kid?

college dorm move in
college dorm move in

When your son or daughter applies for educational aid from the government you first have to fill out the FAFSA, a free application which helps determine how much money you as a parent should be able to contribute towards their education. In most cases the dollar amount that you are expected to put towards his or her future is easily way more than you can actually provide.

The Wall Street Journal took a look at one of the additional expenses of sending your child off to college this fall; spending money. It's hard to believe that you'll need more money after you've already covered room and board but students realistically will need some funds to get by. The amounts which several colleges recommend students have for personal expenses are rather large, especially if all of the money comes from mom and dad. The estimates are different for every school but can go above $2,000 in some locations.

The article also looks at whether the student or the parents should be the ones footing the bill for incidentals at school. One concern they raised is that some colleges suggest students do not work their first semester in order to adjust to college life. Personally I think students should get a J-O-B; there are plenty of student jobs on campus that typically provide low hours and the ability to work around class and sports schedules while still providing spending money.