Managing Your Finances: Money Tips For College Students

Going to college is a great opportunity to not only gain knowledge in your chosen field, but to learn valuable life lessons, including how to manage your finances.

Access Your Money No Matter Where You Go to School

Use these tools to stay in close contact with your money:

NetBranch Online Banking: Access your accounts, make transfers, pay bills, and more with this user-friendly and secure connection. Electronic alerts, notifications, and statements make watching your account easy.

Mobile Banking: Diamond has mobile banking for practically any device. Use our free Android or Apple app, sign up for text message banking, or use our mobile website.

Visa Debit Cards: Use your Diamond Visa Debit Card at the bookstore, online, or practically anywhere else. And Diamond doesn’t charge a fee for getting cash back at the register.

ATMs Everywhere: Diamond is part of a No-Surcharge ATM network that hosts over 55,000 No-Surcharge ATMs worldwide. Use our ATM search to locate No-Surcharge ATMs near your college!

Online Transfers: There is no need to wire money or mail a check! With NetBranch Online Banking, your parents can transfer money directly from their Diamond account to your account. You can also use NetBranch to transfer money back to your parents, transfer funds between your own accounts, check balances, and more.

Deposit Checks From Your Dorm Room: On rare occasions when you receive checks, Diamond’s Mobile Deposit Capture allows you to deposit checks online through NetBranch Online Banking. In a snap, the funds are deposited and available instantly up to $1,500.

Direct Deposit Your Paycheck: If your employer offers direct deposit, you can set them up to deposit right into your Diamond account. You can also set up automatic or reoccurring transfers to other Diamond accounts.

Paying For College

It’s no secret that college is expensive, and it’s up to you how much you are willing to spend, save, and take out in loans. Diamond is here with tips on Saving for College, Scholarships, Financial Aid, Additional Student Loans, and Credit Cards.

Savings Accounts: If your college plans are still a little far in the future, you have time to start saving! A great way to get started is to open a Diamond customizable Club Account. It’s a simple savings account that you can name to fit your savings goal then you can manually deposit or transfer money as you see fit.

Another way to help your savings grow is to open a Share Certificate. Share Certificates earn a higher interest rate than basic savings accounts and are set up for a specific length of time. Once you’ve saved at least $1,000, you can choose a term that works for you. If you plan to start college in 6 months, open a 26-week certificate, or if you plan on starting sooner, go for the 45-day certificate. When the term is over, use your money for whatever you need.

Scholarships: Scholarships are a great way to help pay for college without accumulating debt. Diamond offers the Alfred A. Panfile Academic Scholarship to local students each year.

Financial Aid: The Office of Federal Student Aid provides grants and loans to help fund your education. The great thing about financial aid loans is that you will not have to start paying them back until after you graduate. The Office of Federal Student Aid provides additional information on FAFSA deadlines, announcements, and the application process.

Additional Student Loans: In some cases, scholarships, financial aid, and your savings still don’t add up to the total investment you need to make. Whether you’re having trouble with the cost of tuition, housing, or books and other college necessities, you might consider applying for a Smart Option Student Loan by Sallie Mae.

Personal Loans: You don’t need any collateral to open a personal loan or line of credit. If you’re just starting out, this may be the best choice for you. Many students have used personal loans to pay for their college computers.

Secured Loans: If you own your car or a home, an auto or home equity loan may be a good choice. Contact Diamond to discuss which loan is best for your needs.

Credit Cards

A credit card is a valuable tool to have during the school year when buying books and other supplies. It’s also a great way to start building your credit. But, it’s important to be responsible with your credit card, or you may end up in debt and even hurt your credit score. Here are some tips to keep you from getting into a credit trap.

Don’t Run Up a High Balance: Your credit card can help you buy the things you need for school as soon as you need them, but only if you have credit available. If you run your balance up with frivolous purchases, you won’t have any room left for a semester’s bookstore total or a new computer. Be thoughtful about what you put on your card and make sure you leave room for the important stuff.

Pay Your Bill on Time: This might seem like common sense but pay your bill on time every month. Even one missed or late payment can negatively affect your credit score.

Don’t Just Pay the Minimum: Sometimes it can be hard to pay more than the minimum payment when you’re on a budget, but it is in your best interest to pay as much as you can afford. Every month a balance sits on your card is another month of interest your credit card company will charge you. If you can, try paying the balance off completely each month. If you can’t afford to pay for an item that month, decide if you really need it and how much you’re willing to pay. A small purchase that sits on your balance for a long time will end up costing you much more than the original price.

Choose your card wisely: Many credit card companies will entice you with a competitive introductory rate or special reward, only to stick you with an astronomical rate and extra fees in the end. Read the fine print on your credit card offers and see what the rate will be in 6 months or a year, before applying. Also, choose a credit card from a local institution you can trust. In Pennsylvania, credit card companies are not permitted to charge more than 18% interest on a credit card. If you have a credit card that is charging more than that, you can do better with a local card.

Think Diamond: Diamond offers Visa Credit Cards with competitive rates and no annual fee. Apply for your Diamond Visa today!

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