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?
FAFSA is an acronym. It stands for "Free Application for Federal Student Aid". Please take note that the first word in the acronym is "Free". You do not need to pay to fill out the FAFSA but there are certainly websites out there that will charge you for their assistance. If you are asked for a credit card at any point in the process, you are at one of these sites. If you do not want to pay to complete the FAFSA, be sure to apply at https://studentaid.gov/h/apply-for-aid/fafsa. The FAFSA must be completed by you and your family each year if you wish to be considered for need-based grants from the college or university you are or will be attending as well as subsidized student loans. [...]
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As you get ready for this next big step in your life, this last year at home can feel like the longest and the shortest you ever had! While you prepare to select a college and research scholarships and financial aid, don’t forget to spend some quality time with your friends and family. While movies, even when based on a true story, are always a little bit fantastic, they are also works of art that share experiences among their viewers. [...]
