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(Iowa) -- As college students in Iowa finish their first week of classes, the State of Iowa has some tips for both students and parents to make sure they're on the same page about finances.
Heather Kriener, financial literacy director for the Iowa Department of Insurance and Financial Services, says it's important for parents and students to be on the same page about finances and insurance coverage: "One of the biggest conversations is, who's going to pay for what, and having really crystal-clear boundaries about what parents plant to cover versus what students will be responsible for."
Kriener says where a student lives makes a big difference when it comes to making sure that student has the proper insurance coverage. She says students who live on campus in a dorm are mostly likely covered under their parents' homeowners insurance policy, whereas students who live off-campus in an apartment should look into getting renters insurance.
Kriener also says whether or not a student takes a car with them to college or leaves it at home can significantly change things for parents' car insurance bills. She recommends parents of students who leave a car at home call their car insurance provider right away, as they may qualify for a Student Away at School discount, which can significantly lower car insurance bills.
More information is available from SmartHer Money, a website from the Iowa Department of Insurance and Financial Services.