If you toss a kid into college and they come back home after graduation, you’ve got yourself a boomerang kid. Some reports indicate 80% of college students are returning home after graduation. Steps must be taken to prevent a boomerang from becoming a tenant. Set a deadline to be out—six months, a year, etc.—that both sides agree on. Establish boundaries, including possible curfews, rent, cooking, cleaning and overnight guests. Help them develop a game plan for finding a job. It might sound overbearing, but schedule meetings to see how things are going—don’t make a plan and assume it’s working. As much as it might hurt, do only as much as you can afford to. “Paying off their debt will not foster a sense of financial responsibility,” says Brennan Miller, a financial consultant with Charles Schwab. “Do what you can and stop there.”

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