Whether your child is following in your footsteps and attending your old alma mater, or they are the first person in your family to attend college at all, you are probably wondering what you need to do to help them get ready for this big change. After all, college is not just about switching to a new school with new people. Your child may be living on their own for the first time. They will need to learn how to budget and how to handle many new situations. You and your kid may both feel excited and overwhelmed, so what can you do to help them out?

Help Them Figure Out Money

College is expensive. Even if you've been saving for a while, your kid has a scholarship and there's federal financial aid available, that might not be enough to cover room, board, books and tuition. Or, maybe your child isn't eligible for any of those things and you need to figure out how to come up with the full amount. One way you can help pay for their education is with a low-rate Private Parental Loan. This can help cover some of those costs, and since it is not based on need or academics, you may qualify even if your child cannot access other sources of funding. Once you know how much money your child will have, sit down and work with them on a budget.

Start Early

One of the best ways to prepare your child for success in college is to give them more freedom in high school. Start teaching them how to budget and handle difficult situations on their own so that they will be ready to deal with these things when they are away from home. If it's your kid's senior year of high school and you feel like you may not have allowed them enough independence, there's still time. Remember that a year is a long time in the life of a teenager, and making changes to the responsibility that they have in that final year can go a long way toward getting them ready.

Visit Campus

A campus visit can help assuage your concerns and your kid's concerns. There will probably be an orientation session for new freshman, but either before or after this happens, you can go to campus with them and help them figure out where their classes are and what services are available. Helping them move in on the first day and taking them and perhaps their new roommate out to lunch or dinner can help with the transition.

Step Back

Perhaps the hardest thing that you will have to do is step back and let your kid go. You might have little choice in this if they are going far away, but if they are going someplace nearby or even living at home, resist the urge to drop everything and step in to help them with every challenge that arises. Let them learn how to navigate their day-to-day in their own way. For example, you may know how to dispose of electronics the right way, but instead of pushing your ways on your kid, allow them the space for trial and error. Your kid should know that you are there for them, but you should also encourage them to handle difficulties and manage situations on their own as much as possible.