Opening and managing a checking account is an important student money management
lesson. For many college students, having a checking account is a new experience.
Learning how to balance and manage a checking account is a great way to develop
basic money management skills.
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Many banks offer free checking accounts for students. As soon as you get your student
ID card, you will be able to apply for one of these accounts. When you are researching
your options, look for a student account that is truly free. The best accounts require
small opening balances, do not charge for printed checks, do not charge a monthly
maintenance fee and do not accumulate fees for debit or card transactions. Be careful
of "hidden costs" or offers that sound too good to be true.
Questions to Ask When Opening a Student Checking Account
Does the account include overdraft protection?
How much money is required to open the account?
Is there a monthly fee?
Is there a transaction fee for debit card transactions?
Is there a charge for withdrawing money from an ATM machine?
What is the fee, if any, for checks?
Will I have 24/7 access to telephone banking?
Will I have access to online banking? Is there a fee?
Will I receive statements via mail or electronically?
Here at Scholarships.com, we connect students with scholarships that can help alleviate the amount of student loans they need to take out to pay for college. But there are colleges out there that offer students such generous financial aid packages that they need to take out very little in loans if at all. These “no student loans” colleges replace student loans in financial aid packages with additional scholarships and grants to help fund a student’s tuition. Students accepted into these schools will pay much less than the cost of tuition and thus will not be as burdened with student debt. [...]
Well-known and selective colleges such as the University of Virginia, Harvard and the University of California at Berkeley are seeing a spike in college applications due to their adoption of test-optional admissions for the 2021 admissions cycle. These record increases have led some schools to announce an extension of test-optional admissions into future years. [...]
A great scholarship opportunity for students enrolling at Historically Black Colleges and Universities (HBCUs) has extended through the end of Black History Month. The Future of Stem Scholars Initiative (FOSSI) will award 150 scholarships worth $40,000 over four years as well as provide mentoring and internship opportunities to select winners. The extended deadline for this scholarship is March 1st. [...]
