School will be kicking off again in a few short weeks, and for many college students it’s a good time to get finances in order. When heading back to college use these five tips to get your finances on track.
1. Open a checking account
Find one with little or no minimum balance and no monthly service charge. Look for features such as online banking, mobile banking, and mobile deposits for greater convenience at school.
2. Get a credit card
Having a credit card will let you begin building your credit. Find a card that caters to students, with no annual fee and a rewards program. Use your credit card wisely and pay balances on-time and in-full every month.
3. Create a budget
Factor in what your financial aid will and won’t cover. Then figure out your remaining expenses such as food, entertainment, car expenses, textbooks, etc. Plan to stay within your means and use finance tools to track your budget.
4. Go for Student Aid
You should apply for financial aid, grants, and scholarships. Applying to as many outside scholarships as you can will give you the best odds of receiving one. You can check resources online or through your school.
5. Consider Loan Options
When savings and financial aid aren’t enough, consider your loan options. Go for a subsidized federal loan first before looking into unsubsidized federal loans. A subsidized loan means that the government pays the interest of the loan while you are at school. You should exhaust both of these options before taking on a private loan.
A few last pointers on loans would be to make sure you know your loan’s interest rates, terms and grace periods. Don’t take on more debt than you need to pay for your school. Take the time to do your research on the right loan options for you. If you are interested in looking at private student loans, visit us at https://www.bankpeoples.com/personal/studentloans.