PAYING FOR COLLEGE Manage your college money

Step 1. Choose an account

Try to find an account early, even before you start school. Researching now can save you money later.

Step 2. Avoid unexpected fees

Knowing if and when fees will be charged could save you hundreds of dollars in fees each year.

Step 3. Sign up for direct deposit

If you are expecting money from your financial aid office, you’ll often get it faster using direct deposit over a paper check.

Consumer Financial Protection Bureau

Things to try

▪ Shop around. Don’t feel limited to the banks or credit unions with ATMs near campus.

▪ Consider accounts with services like remote check deposits, mobile apps, and online bill-pay.

Do I have to sign up for the bank at my school?

No. Schools cannot require you to use their bank.

Things to try

▪ Ask questions. Does your bank charge monthly fees? What about out-of-network ATM fees, fees to use your debit card, or fees for services like online bill-pay?

▪ Dig deeper when accounts are marketed as “free” or “easy”—very few accounts charge no fees at all.

What are overdraft fees?

When you spend more money than you have in your account, your bank will likely charge you an overdraft fee. Be careful; fees can add up quickly.

What is a financial aid disbursement?

Financial aid disbursement is the money left after your school takes out the cost of tuition, fees, and any on- campus living expenses from your total financial aid award. You normally have several options for how you get that money, including direct deposit to a bank account, to a card that might also double as your student ID, by check, or cash.

Learn more at consumerfinance.gov/paying-for-college.