Do your homework
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.)
Savings options for parents
Insights to maximize your money
Get your ducks in a row
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 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.