Create a list of annual financial expenses if the child lives on campus or rents an apartment or house. Include dorm fees, rent, phone bill, utilities, food, recreation and parking fees. If your child doesn't know the exact amounts of her costs, get the information from other sources. Ask the college for the dorm fee amount. Utility companies can provide average monthly costs. Apartment complexes can give you an estimate on rent and parking. Other expenses, like food and recreation, should be figured out based on the person. For food, calculate her normal food costs. For recreation, use the child's current recreation budget. Add together the costs, and then add the tuition. Circle the number.
Create another list of at-home expenses. Include any charges required by parents such as rent or insurance, plus gas money, books, food ($6 or $7 per on-campus meal) and recreation. Add up the costs. Circle the number.
Compare the two numbers with the amount of loans and grants the child will receive, if applicable. Explain to the child that he will have to pay back the loan amount. If the student doesn't receive loans or grants, explain how costs are being paid and how much the child will owe. For example, if the total costs were $15,000 to live on-campus and $7,000 to live at home and the student is responsible for half of the costs, it makes sense to pay the smaller amount. He could obtain a part-time job to pay his share of the costs.
Weight the two options. Multiply each total by the number of years the student thinks she will be at the college. For example, if she is enrolled in a two-year degree program, multiply the costs by two. Compare the two totals and decide which option makes more sense.
If the child agrees to live at home, discuss a set of rules. Because he is becoming an adult, you will need to allow for more freedoms. For example, lift or eradicate the curfew provided he attends classes.
Create a dedicated area in the house for her study needs, and consider purchasing a computer that is reserved for schoolwork.