(1) University of Arizona study

The University of Arizona study found that "risky financial behaviors" can hurt a student's college career. The study defined risky behavior as paying bills late, paying less than the minimum due on credit cards and maxing out on a credit card.

The study found that students who indulge in one or more such risks are "less likely to graduate than students who don't take on such risks."

The study also noted that student money problems more often than not have a negative impact on the student's relationships with family and friends. These students are also more likely to face psychological difficulties.

(2) Nellie Mae study

Nellie Mae, a large student loan program, found that working students pay more bills on time than those who do not work. They are also better at making credit card payments on time and resisting the temptation to max out on their cards.

However, Nellie Mae points out that working more than 20 hours a week is likely to hurt a student's grades.

(3) Sallie Mae study

Sallie Mae, the leading college-financing company, found that approximately 84% of undergraduates in this country have credit cards. And, believe it or not, by graduation seniors who participated in the study averaged $4,100 in credit card debt!  (That's not counting student loans.)

(4) U.S. Department of Education study

According to the department, upon graduation, the average public college or university has $20,000 in student loans while the average private school grad has $28,000 in student loans.

Bottom line: Know what you student is doing in his financial world. Ask for accountability, including tracking of expenses. Set clear financial limits and rules for who pays for what. Remind your student that when the money is gone, it's gone.

In keeping with the wisdom that you can't spend more than what you have, take a look at the new PayPal Account aimed at students 13 and older. It's available to the student online as well as offline using a debit card.  If the student needs more money in the account, he or she can text parents. Parents can then send a text to PayPal authorizing a transfer of money into the account.

If your student charges more than the balance in the account, his PayPal card is declined. There's no overdraft fee.

Details: www.paypal.com. Go to the "Help Center."