In before times, you could almost set your watch by acollege-boundhigh school seniors life.
First there were the standardized tests.
Then college applications and the agonizing waiting game followed by a decision about where to go.
Getty Images
Graduation came next and then prepping, packing, and tearful send-offs.
Its just the uncertainty.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Financial implications
If college life is different than in the past, will the costs be different?
Thats another question schools are trying to figure out, Moneta said.
We are anticipating regular fees and regular tuition should they go back in person, she said.
If they dont, Potter anticipates some reduced fees, but not a dramatic decrease in costs.
The family did receive a small refund after on-campus classes suddenly ended in March, something they appreciated.
Hes taking the same wait-and-see approach with his daughter, while understanding things may change.
The bigger issue for her family would have been the loss of a merit scholarship.
We could not afford to send her to Miami if she didnt have that scholarship, Weiser said.
Law warned of another financial obstacle to taking time off from school.
Student loans are going to become due six months after they drop out for that year, he said.
Even if the student re-enrolls in school, there would not be another grace period.
Moneta said some schools might not even make it through this crisis.
Some schools have significant endowments that can carry them through for a while.
Its the small, regional, tuition-dependent colleges with no real cash reserves, he worries about.
The changes are going to hurt one way or another.
Parents and families should cut schools some slack.
My response is, they dont know.
The unknown is something Weisers daughter seems ready to face.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
