College is a milestone that should be celebrated, but it can also come with a price tag! Before you help your child load up the minivan and before they hit the books, make sure your child’s finances are set for college!
Has your child applied for scholarships?
Apply, apply, apply! Studies show billions of dollars are wasted each year because students are not applying for scholarships. Don’t be shy, go ahead and apply for that scholarship you don’t think you could ever get. You may surprise yourself!
Is your child’s financial aid ready?
If your student has not filled out a Free Application for Federal Student Aid, do so as soon as possible! Then check with your child’s school to make sure their financial aid is available and paperwork is complete. Remember, they can fill out another FASFA in October for the following year!
Is your child using student loans to help pay for college?
Make sure they are only borrowing what they need and encourage them to keep a running total of loans from year to year. Also, encourage them to pick up a part-time job while in school! The experience will help them establish money management skills as well as limit the amount of money they are taking out in student loans. Check with your child’s school, as many offer work-study jobs.
Teach your child how to budget like a pro!
Explain the importance of understanding their income and what they can afford to spend. This will help them learn money management skills early on that they will take with them after they graduate!
Has your child opened a savings account?
Communicate the importance of opening a TBK Bank, SSB Savings Account in the case of an emergency, unexpected expense or future purchase. This interest-earning account makes it easy for them to be prepared for anything that’s thrown their way. Apply in minutes today!
Play up your student’s discounts!
From local restaurants to their campus technology shop, your child can reap all sorts of discounts with their campus ID! Encourage your child to always ask before they buy to ensure they are getting the best deal possible.
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