Added: Yaneli Abrams - Date: 09.01.2022 04:28 - Views: 12566 - Clicks: 1514
We don't support this browser version anymore. Using an updated version will help protect your s and provide a better experience. Update your browser. Without it, some s won't work properly. Unfortunately, parents who are sending their students off to college this year may have greater health and safety concerns about public transportation and some modes of public transportation have also become less reliable. Along with pens, books, planners, and twin sized bedsheets, parents and students may be considering adding cars to their back to school shopping lists.
Deciding whether your student should have a car at school is a difficult decision. It includes helping your student evaluate and manage their college expenses and making sure they can both navigate their campus efficiently at school and get home safely at the end of each semester. Transportation on college campuses has gotten ificantly better now that college students have access to campus shuttles, bike-sharing, ridesharing and car-sharing programs that didn't exist decades Student in need of car.
Be vigilant in scrutinizing vehicle-sharing services by assessing if they have updated and maintained their health and safety protocols in response to recent public health concerns. Drivers under age 20 are almost three times more likely to be involved in fatal accidents than drivers age 20 and over—according to the Insurance Institute for Highway Safety and the Highway Loss Data Institute. If your student already has a history of speeding tickets and fender-benders, factor that into your decision.
This may be a pretty good indication not just of their driving, but also whether they'll make smart choices about when and how they'll use the car. We found something basic but reliable, so we don't need to worry about our daughter's car breaking down, and she can have it after she graduates. This is obviously a huge part of the decision. If your student already has a car available, the key financial considerations will be the cost of parking, fuel, maintenance and insurance. On the other hand, if you need to buy a car, the cost could be a major factor.
In the Kerns' case, the cost of alternative transportation meant that buying a car for Zoe made sense, from a long-term perspective. Besides the cost of the car itself, insurance is typically the biggest expense to consider. Insurance premiums are higher for younger drivers and registering a car in a different city or state could bump up your premium.
Ask your auto insurance company about potential discounts for college students who earn good grades—that could reduce your premium ificantly. Also consider defensive driving courses for your student because they can lead to lower insurance rates.
You might qualify for discounts if your student already has a car, but chooses to leave it parked at home, rather than taking it to college. Having a car may add an extra element of stress for students navigating college life in an unfamiliar city.
It's worth checking ahead of time to find out if the university offers parking permits to undergraduates. If parking on campus isn't an option, look for secure and inexpensive long-term parking off-campus. Parking on public streets can be a hassle—frequently moving the vehicle can be time-consuming, and the cost of parking tickets can quickly add up. Ultimately, the truth is that having a car at college is still a privilege for most students regardless of uncertain events.
Parents and students should commit to an agreement about what conditions are necessary to keep the car at school. That might mean maintaining excellent grades, covering some of the costs, or both. That arrangement offers a double benefit.
Zoe gets the car and, because the loan is in her name, she has the opportunity to establish good credit for life after college. Please review its terms, privacy and security policies to see how they apply to you. Please update your browser. Credit Cards. Checking s. Savings s. Home Equity. Invest with a J. Morgan Advisor. Online Investing with J. Chase for Business. Commercial Banking. See all. About Student in need of car J.
Should your student have a car in college? Looking for more safe and secure ways to get to your destination is a top priority for both parents and students. Here are six questions to help you make the decision—and save money along the way: 1. What is the car's primary purpose? Does your student have a good track record?
Will you need to buy a car? How much is insurance? What are the parking options—and costs? Is your student committed to maintaining a car? Member FDIC. Get started with Chase Auto. Start of overlay. Cancel Proceed.Student in need of car
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Should My Child Bring a Car to College?