fifththird-125 Here are five ways to sending your child off to college, without breaking the bank!

Tip 1: Remember the ABC’s of borrowing wisely
· Always take advantage of free money such as grants and scholarships, before taking out a loan to pay for college.  Look for easy money, like your parent’s place of employment, which sometimes offers scholarships for college-age children.
· Be sure to maximize your Federal Stafford Loan eligibility, as federal student loans generally have lower interest rates than private student loans. 
· Consider alternative or private student loans only after all federal money options have been exhausted.

Tip 2: Open a Student Checking Account
Whether you’re attending school close to home or far away, you need a checking account that’s simple. When you move onto campus, stop by your local bank and open up a student account.  Student accounts are specially designed with students in mind, with less fees, no minimum balances, limited free wire transfers so parents can put money into the account from back home, and more. 

Tip 3: Use Credit Cards Wisely
Use credit cards wisely because this is a chance to establish a solid credit history. Watch your interest rates, and pay your balance off each month. Don’t use the card for routine living expenses or a night on the town – those expenses add up quickly.  It may be a better idea to opt for a debit card for your student instead.

Tip 4: Protect Yourself From Identity Theft
Be vigilant about protecting yourself from identity theft.  Safeguard your bank account, credit card, and personal information, like your SSN.  Don’t leave your pin numbers and passwords where other people can find them.  Check your credit card statements for suspicious charges every month, and pull a credit report at least once a year to make sure everything looks right. 

Tip 5: It’s Never To Soon to Start Saving
If you’re watching this and have a two year old at home, here’s a tip for you: it’s never too early to start planning.  Let the power of compounding interest work in your favor, and open a 529 Plan for your child today.  Stop into any local banking center for details.

Check out the links below for more savings tips and scholarship opportunities.

www.collegescholarships.org
www.fafsa.ed.gov
www.yacenter.org
www.collegebound.net