Students and Finances

To get started as a self-reliant student at college, you should think about your finances. Read below for some ideas on how to manage your finances while in college.

Banking
You will need to have both a savings and a checking account in your name. Make sure you understand how to transfer funds between the accounts, and be sure that the funds in checking will cover any expenses you are writing checks for. Log every check you write in the check ledger, and if you are using a check card or debit card, do the same for those expenses as well. Each month, balance your checkbook against the monthly bank statement. Resolve any discrepancies with your bank each month.

Credit Cards
Though some parents may cringe when they read this, it is advisable for every college student to have a credit card in their name. This card could prove vital in times of emergency, like if a student's car breaks down, if the student is sick and admitted to the hospital while away at school, or if a trip home is suddenly required with little or no notice. A credit limit on the card of $500 to $750 should suffice if the card is to only be used for emergencies. As with any credit card, students should plan to pay the full bill every month. There are a number of student credit cards available with student-specific limitations in place; be sure to look for one with reasonable interest rates and good rewards to reinforce good spending habits.

You may want to consider signing up for the Discover Student Platinum Card. Building credit history is key to a solid financial foundation, and no other card allows you to build your credit history like the Discover Student Platinum Card. Enjoy a 0% Intro APR on purchases for 6 months, pay no annual fee and have peace of mind with $0 fraud liability guarantee. Plus, enjoy the Easiest Online Account Management Options. You'll also earn 5% Cashback Bonus in popular categories that change four times a year like gas stations, restaurants, clothing stores, travel and more and up to 1% Cashback Bonus on all other purchases automatically*. No need to worry because the unlimited cash rewards never expire as long as you use your Card. You also have the option to DOUBLE your Cashback Bonus (turn $20 into $40) when you redeem for gift cards or certificates from many of our 70 brand name partners. Start Saving Today APPLY NOW!

Student Loans
Though some students will make it through their entire college careers without ever needing to take out a student loan, the majority of students in America do have to consider some type of student loan aid when paying for tuition, room & board, and other college expenses. We recommend that students ask for help in finding a student loan as follows:

• Submit the FAFSA each year online to see if you qualify for any free Federal Aid
• Check with your Financial Aid Office at school for a preferred lender list of student loan providers
• Do some research on a site like eStudentLoan.com that compares loan rates and student options

And for students who have multiple student loans already, consolidation may be the way to cut your monthly student loan payment by up to 60%