Welcome Families!

These days you have lots of options for getting cash to your student quickly and securely. Digital apps can be a convenient way to move money to your child, though be aware the funds may not be available to them immediately. 

Some parents choose to open an account at the same institution as their child so they can send money by a simple transfer and avoid fees that may come with other methods such as wire transfers. UW Credit Union members can link external accounts to their credit union account or send and receive up to $2,000 per day using Zelle® so funds are available immediately. 

Wire transfers are another secure option for sending funds but be aware that your financial institution may charge a fee for sending one.

Of course, you can always kick it old school and mail them a check, but plan on it taking several days to arrive (and know that it may not be the most secure option).

Credit cards can be a helpful tool for your student to build their credit history, as long as they know how to use them responsibly. College students typically are approved for cards with low limits which can help them avoid overspending.

If your student is under age 21 and does not have independent income (a job), you will likely need to cosign. 

When your student is ready for a credit card, emphasize the importance of paying their bill on time. Explain that missed payments can hurt their credit score – something that’s taken into account when it’s time to rent an apartment or get a job.

This article has more information on getting and using a credit card for the first time.

The best way is different for every family, but for most people paying for college starts with filling out the FAFSA – Free Application for Federal Student Aid. (You can read more about FAFSA here.)

Scholarships and grants can also help reduce the out-of-pocket cost of college. You may find scholarship opportunities in unexpected places like local service organizations, religious institutions or financial institutions. 

If federal aid, grants and scholarships don’t quite cover everything, a private student loan could help make up the difference. UW Credit Union offers affordable options for students and families with a variety of terms and fair repayment options.

You can open a joint account with your student, but if your student is over 18 and a legal adult you cannot open an account for your student. 

Your student can open an account online or in a branch. In either case they will need: 

Non-expired Valid ID (one of the following): 

• US Driver’s License
• US State ID
• US Passport Card
• US Military ID
• Passport (all countries)
• Resident Alien ID Card (Green Card)
• Matricula Consular of Mexico

Social Security Number or Individual Tax Identification Number.  If you have an ITIN, bring in the ITIN letter issued from the IRS

If you plan on opening a joint account, you’ll need the above information for yourself as well.

 Lots of students arrive to college with bank accounts from back home, but if an emergency comes up – a lost debit card or charges they don’t recognize for example – getting help isn’t always easy. Even if they have an account elsewhere, opening an additional account at a trusted local institution could be a smart choice.

For example, UW Credit Union offers these services on campus:

• Fee-free ATMs on campus 
• Free credit consultations 
• Access to cash, coin and checks 
• Financial education 
• Notary services

Knowing they can pop into a campus branch between classes to get a new debit card issued instantly or talk with a financial specialist when they need to can make their lives a little easier and give you a little extra peace of mind.