Navigating college finances can be challenging, but with the right tips and connections, it can become much simpler. Encourage your student to explore the various steps involved in funding their college experience, as financial literacy will benefit them long after graduation. Learning this process together can foster confidence and preparedness.
During campus tours and through our Admissions counselors, we’ve compiled a list of frequently asked questions parents often have regarding their student’s financial matters. This resource will help you both feel more informed and empowered as you tackle college financing together.
How much will college cost?
Tuition costs vary based on a multitude of factors. Will your student be charged in-state or out-of-state tuition, do they need on-campus housing and a meal plan, are they receiving scholarships or grants, etc.?
All these factors can be a bit overwhelming, but Stout has a very helpful tuition calculator where you can input all the information specific to your student's needs that will provide you with an estimated total of all college expenses, but not to worry, tuition is not billed all at once. There are specific tuition due dates for each term, so they will pay tuition incrementally along the way
Tuition Calculator
How do we pay for tuition?
There are also multiple ways for your student to pay for their tuition:
- Credit Card
- Cash, Check, Money Order or Cashier’s Check
- Flywire (International Students Only)
- Financial Aid
Stout’s Student Business Services Office explains all these payments and tuition deadlines in more depth.
Tuition Payments and Due Dates
What do we do if the Financial Aid package and scholarships do not cover the full cost of tuition?
There are a few things that your student will need to figure out if this happens, first how much remaining does your student owe and can your student afford this amount out of pocket? If your student does not know how much they owe, they can check their balance through their Student Center or reach out to Student Business Services. Once they know how much they owe, they can establish if they can cover the cost out of pocket or if they need further assistance.
If further assistance is needed, your student has many options depending on their circumstances. We would encourage them to reach out to the Financial Wellness and Literacy Center to explore what their next steps should be.
Financial Wellness and Literacy Center
Should my student get a job on campus, or will they have a hard time balancing school and work?
Student employment on campus can be great for your student if they need a little extra money or if they want to gain experience in their degree field before graduating. Research shows that on-campus student employment contributes to student satisfaction and retention. Your student will be the best judge if they can balance school and a job, so talk this over with them. Most jobs on campus are flexible with a student's class schedule, and ensure they understand that they are a student first, an employee, second. An off-campus job may not be able to provide this flexibility.
Work-study and non-work study – what is the difference?
Work-study is a federal financial aid program that provides part-time jobs for students with financial need. Work-study is granted through financial aid, and your student is given a specific amount they can earn for each term. If you are unsure if your student qualifies for work-study, have them contact the Financial Aid and Student Employment Office.
Non-work-study employment refers to jobs that are not part of the work-study program. These positions are available to all students, regardless of financial need. There are numerous work-study and non-work-study jobs at UW-Stout, so simply have your student ask the department how the position is funded. They will likely be eligible for the job, regardless of work-study eligibility.
I have military education benefits that I want to pass to my student. How do I do that?
UW-Stout has been named a Military Friendly® school for 2024-25, moving up to a gold designation in this year’s ranking. It also was named a 2023 Best for Vets college by Military Times, ranking No. 1 in Wisconsin and 24th overall in the Midwest.
To have your benefits transferred to your student, you will need to reach out to Stout’s Veteran Services, and they will walk you through the whole process.
Veteran and Military Student Benefits
What expenses are 529 College Saving Plan eligible? What kind of documentation do we need to provide?
529 plans can cover any education-related costs that the IRS deems a qualified educational expense. These plans can cover costs such as tuition, housing, dining, books, a laptop (which Stout provides for your student), and other qualified fees.
You will want to work with our Student Business Services to get all expenses possible covered. You can also reach out to your plan provider and see what expenses are covered under your specific plan.
To ensure compliance with IRS regulations and for tax purposes, you should keep receipts and invoices, billing statements, proof of enrollment (such as a student ID or enrollment confirmation), and purchase receipts for supplies. It's important to retain these documents to substantiate your withdrawals from the 529 plan in case of an IRS audit or for tax reporting purposes.
Student Business Services
