2 years ago
Paying for College

Should I have my own bank account in college?

I just finished learning the basics of the FASFA and I was wondering if students should have their own savings account in college? I'm planning on going to an OOS school and would much rather keep my money under my name but since student assets influence EFC way higher than their parents' assets, is it worth it to have my own bank account?

If I should have a bank account, how much money would drastically influence EFC by thousands?

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Accepted Answer
2 years ago

I highly recommend having your own bank account while in college. Being a college student comes with more independence than high school, and with independence comes adult responsibilities. Part of these responsibilities may include paying bills, budgeting, and filing taxes, and all of those are easier when you are in full control of your bank account.

It is also much easier to make large purchases in a pinch when you have your own bank account. For example, you usually need a cashier's check to buy a car without credit, and that's not something your parents could get to you quickly if they were in control of your account. One more thing to keep in mind is that you can't build your own credit score without having your own account and credit card.

Savings of over $10,000 will start to have an effect on your EFC, though the extent of that depends on each school's judgement. I recommend having your own bank account, but keeping just a few thousand dollars in there. Your parents could hold onto the rest of the money for you and give it back to you after you get your final financial aid package during senior year. Hope this helps!

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