Last-minute college moneysaving tips

With the fall semester for college starting before you know it, there is still time to make some smart money moves that can ease the strain on your wallet and provide peace of mind for both you and your child.

On the to-do list to consider: Paying tuition through an installment plan, checking on health care, auto insurance, and a renter’s policy coverage. You should also decide on the easiest way to transfer money from your account to your child’s, and start shopping for dorm room essentials like a small safe and locks for valuables like laptops and bicycles.

Here are five steps to consider:

Paying tuition. Most schools offer tuition installment plans, which allow families to spread payments over nine or 10 months. Typically, there is a nonrefundable processing fee that can range from $15 to $150, and deadlines to sign up are fast approaching.

At the University of Texas, for example, tuition can be paid in three payments per semester. The first payment covers half the tuition total, while the final two payments charge 25% of the tuition tab. There is a $15 processing fee.

Most installment plans cover only the direct costs billed by and paid to the college, such as tuition and fees, and in some cases, housing and meal plans. Other costs, such as books, lab fees and other supplies are not covered in the installment option.

Health insurance. Colleges typically require students to either enroll in a school-sponsored health insurance plan or show proof of insurance through a different plan. Most students opt to remain on their family plan, which covers them until they turn 26.

But run the numbers. It might be cheaper to take out an individual health care policy for your student, or enroll in the school’s program. Student health insurance costs in the range of $1,500 to $2,000 a year, according to Bestcolleges.com.

Finally, some schools are requiring students to be fully vaccinated against COVID-19 before the start of fall semester.

Auto insurance. If your college student will not be taking a car to school, you might qualify for a premium discount. But keep your child on the policy so they’ll be fully covered during weekends back home and holiday breaks.

What if your freshman takes a car to school? Whether your premium changes depends on if college is in a high-traffic urban area or in a rural or small-town setting where accidents are less likely to happen. Check with your agent.

Renters insurance. Generally, most students living in a dorm or other school-sanctioned housing will not need a renter’s policy to protect their laptop, printer, television and other belongings against damage or theft because losses will be covered under the parent’s homeowner’s policy.

The only caveat: Living off-campus might mean more personal belongings that need protection under a separate renter’s policy. Take inventory of what your student is hauling off to school, and check your homeowner’s policy to make sure personal property coverage is adequate.

Dorm gear. You’ve purchased the all-in-one microfridge, the shower caddie, and a rice cooker is on the way.

But add a small safe for personal papers, jewelry and other important items. Purchase crime-busting locks that will keep a laptop or a bicycle from easily walking away. College campuses are like small cities — they’re usually safe, but there is occasional crime.

My last bit of advice is: If your college freshman wants to make fast friends, a tool kit, duct tape, and a can of WD-40 should be essential items on move-in day as they’ll definitely be in high demand.