Start college on the right foot

Begin college armed with the knowledge you need to sidestep financial habits that can put you in sticky situations, and make the most of your money while you’re a student.

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Starting college on the right foot

Do your homework

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Knowing where you can save money now and take advantage of financial breaks offered to students will help you avoid pitfalls that can impact your finances for years to come.  

  • Explore “free” money. Explore money that will help you pay for college expenses without requiring you to pay it back. Scholarships and grants are a great place to start. (Tip: Don’t get a loan until you’ve exhausted the least costly options.) 
  • Student loan vs. personal loan. You will typically get lower interest rates from taking out a student loan vs. a personal loan. With a student loan you can defer loan repayments until after you graduate, and interest will not begin to accrue until you graduate. (Tip: If you have someone with good credit co-sign your loan you can secure a lower interest rate.)
  • Student accounts come with perks. Typically student checking and savings accounts come with benefits like no monthly fees, low minimum opening deposit amounts, ATM fee waivers, breaks on overdraft penalty fees and more.
  • Share your student status. Many places offer discounted student rates with proof of student ID. 
  • Buy used. Textbooks are expensive and most students sell back their books. Plan to buy your books early so you can save money by purchasing used textbooks instead of new ones.   
  • Credit cards for better or worse. When charged on your credit card your morning latte could end up costing you a pretty penny after unnecessary interest charges. (Tip: Use for short-term purposes and pay down the balance before interest accrues.)

Insights to maximize your money

Webster Investments Insights

Benefits of the CARES Act for individuals

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is the largest economic bill in U.S. history and was designed to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.
Personal Banking Insights

How to plan financially for college; from cradle to graduation

A college's sticker price is the amount advertised as the full rate for tuition and fees before financial need, scholarships and other aid are factored. Net price is the amount that a family pays after aid and scholarships – usually offsetting the sticker price shock.
Personal Banking Insights

The real cost of your first car

When my brother handed me the keys to his 1983 Camaro I was so excited and grateful to have a free car. Little did I know there are many other expenses that come along with being a car owner.

Mobile banking

Manage your money wherever you go. Get balance alerts, view transactions, deposit checks and more with your mobile phone.

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mobile banking for college students

Get your ducks in a row

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Lighten the burden of college by taking steps today that will assist you financially throughout your schooling.  

  • Create a budget. Account for fixed and flexible expenses when looking at your spending against your income. Many free apps allow you to create a budget that fits your lifestyle as well as view your bills, and see where your money is being spent. 
  • Apply for money early. Apply for grants and scholarships early. Your college’s financial aid office can supply you with useful information on available money and important deadlines. 
  • Apply for work-study. Many schools participate in work-study programs. It's a financial aid source that links you to a job where you can earn a wage to pay for expenses. Check with your school’s financial aid office about specifics.
  • Sign up for a credit card. Having an in-case-of-emergency credit card is a good idea. It could help you out of a short-term financial pinch. Apply for a low-limit card that has low interest rates. 
  • Build credit now. Establish your credit by paying bills on time, and if you're able, become an authorized user on a parent's credit card. Their payments will boost your credit which will help you when you're ready to buy a new car, or move.

More tips for money management

Webster Investments Insights

Balancing work from home and eLearning: A parent's guide

Adding homeschooling (or e-learning) into the mix can introduce additional complications. Fortunately, there are some tried and true tips from parents who have already spent years juggling working from home and schooling from home.
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Teens' guide to building a simple budget

With all of the talk about the credit crisis and the great recession, being frugal has suddenly become super-trendy. Overspending is a thing of the past, but having nice things will always be in style. The key is finding the right formula to make the…

Disclosures

Webster Student Checking: Minimum opening deposit of $50 is required. No monthly service charge. Student Checking is free for 5 years after opening or switching to this account. After 5 years, it will convert to Webster Value Checking. A valid student ID is required; if it is not provided within 60 days of account opening account will convert to Webster Value Checking. You must be at least 18 years old to open an individual checking account at Webster.A student at least 15 years old may open a joint Student Checking account with another individual who is at least 18 years old. Each joint owner has full control over the account and is responsible for the activity of the other owner, including the activity of a minor who is a joint owner. See your Deposit Account Disclosures for more details on Joint Ownership Accounts.

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Mobile Deposit Limits: We may establish limits that apply to the amount of any individual check, the dollar amount and number of checks that may be deposited in a day, and the dollar amount of checks that may be deposited in a multi-day period. To learn more, see the Webster Mobile Deposit Terms and Conditions. Subject to eligibility requirements. Not available with Opportunity Checking.

Mobile Banking: You must be enrolled in Webster Online Services to use Webster Mobile Banking. Message and data rates may apply. Check with your mobile services provider for any charges that may apply for data usage on your mobile device.

Account Alerts: Account Alerts are delivered upon processing. To manage the quiet hours for alerts, please use your phone's 'Do not Disturb' settings. There are no fees assessed by Webster for this service. Message and data rates may apply. Check with your wireless or internet service provider for any charges that may apply for data usage.