Back to School: Money Tips for Parents & College Students

Published: Aug. 28, 2019 at 7:14 PM EDT
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Back to School Money Tips for Parents & College Students

Stacey Young, AVP of Retail Services, University Credit Union in Orono

It's back to school time right now for families of college students at the University of Maine and around the state.

Something important that often gets overlooked when sending students off to college is access to money and budgeting advice, especially if the students are attending school outside the reach of their normal financial institution.

Even if a family uses a regional or national bank, it's not a good idea to assume their student will have convenient (or free) access to money.

Financial education and advice resources are especially important for those new to banking.

Families should consider not just access, but also the potential for savings on ATM fees and other perks by shopping for a local institution near campus.

UCU has on-campus branches across the UMaine System and has been helping students and families have access to financial services directly on campus for over 50 years.

Take the time to research a financial institution local to your student's college campus, with an eye on three things:

Access – Local institutions may offer greater convenience and access to services, especially in unexpected situations.

Potential Cost & Time Savings - Local institutions can potentially save you and your student on frustration and hidden inconveniences.

Education – Local institutions can be a resource for your student to learn sound financial skills.

Don't overlook credit unions – you are likely eligible.

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