If you’re a student or a parent, the beginning of the school year, especially a college career, can be intimidating, though it doesn’t have to be. By studying up on financial planning before the first day of school, you can be ready to tackle whatever college – and life – may throw at you.
Before Classes Start
Start the school year off right by having a firm grasp on your finances. You’ll want to have a checking account, so you can cover everything from school supplies to ramen noodles to collegiate gear. Open a Summit Student Free Checking account and enjoy perks like unlimited non-Summit ATM withdrawals, so you can get cash anywhere on campus – even if campus is a state or two away. If money starts to feel tight, you can also consider applying for a student loan. With Summit, you can get even get student loans help cover the cost of textbooks or living expenses without incurring significant debt.
So, once school starts, how do you balance homework, friends and finances? The secret is budgeting. Start practicing healthy money habits now with Summit’s budget worksheet. Track your income and expenses to determine a manageable budget for your lifestyle. It’s easy to blow through your spending money if you aren’t paying close attention, but if you stick to a consistent budget, you can enjoy your college experience worry-free. You may even have enough leftover cash to start saving for the future (ahem, student loan payments – we’re looking at you!). Any savings contribution, even small, can help in the long run when it comes time to repay your student loan or make a major purchase, like buying a car to get to that fancy new post-college job.
The end of your academic career can bring a whirlwind of emotions, but anxiety about repaying student loan debt shouldn’t be one of them. Consider choosing smaller payments or interest-only payments for a while to accommodate a tighter post-grad budget. You also have the option to consolidate multiple loans into one payment or refinance your loan from another lender. All of these approaches could help you stay on top of your debt. We’ll also help you, so you can focus your attention on what’s most important: owning it in your new job.
It is always hard to say goodbye to pools and hello to pencils, but with financial planning and these tools from Summit, owning the school year can be easier. Now, let’s make this the best semester yet. Ready, set … go.