The Ultimate College Financial Checklist: What Parents and Students Need to Know

Whether your college student is living on campus or commuting from home, one of the first things they’ll need is a checking account to receive direct deposit, pay bills*, send money with Zelle^®*, and manage everyday expenses. But a checking account is only one way to prepare financially for college. Use our college financial checklist below to help your family get ready for one of life’s biggest milestones.

A checking account is one of the first financial tools every college student should have. Whether they’re working a part-time job, buying textbooks, paying rent, or grabbing dinner with friends, having a checking account makes everyday money management much easier.

Students commonly use checking accounts to:

• Receive paychecks through direct deposit
• Make purchases with a debit card
• Pay rent and utilities
• Set up automatic payments
• Transfer money to and from friends and family
• Manage everyday spending

First State Bank’s Next Generation Checking account was designed specifically for customers ages 16–26. It includes a free debit card, free Digital Banking, and mobile check deposit. Plus, students 18 and over can access online bill pay*, and enroll in Zelle^®*, giving them convenient ways to manage their money wherever college takes them.

For students balancing classes with part-time or seasonal jobs, setting up direct deposit allows their paychecks to be deposited automatically into their checking account, giving them quick access to their earnings while making it easier to budget, save, and pay recurring expenses.

Unexpected expenses are part of college life. A flat tire. A last-minute textbook purchase. Replacing a damaged laptop charger. Traveling home unexpectedly. Having even a modest emergency fund can help students handle life’s surprises without relying on high-interest credit cards.

Opening a Next Generation Savings account alongside a checking account can make it easier to separate spending money from emergency savings while developing healthy financial habits that last well beyond graduation.

One of the best money habits students can develop is following a simple monthly budget.

Start by making a list of income and expenses:

• Track income from employment, scholarships, or family support
• Housing costs
• Groceries and meal expenses
• Transportation
• School supplies
• Entertainment
• Savings goals

Reviewing spending regularly helps students stay in control of their budget before small spending habits become bigger problems.

No two college budgets are exactly alike. One of the biggest factors is where a student lives.

Living On Campus

Dorms or Residence Halls

Students living in residence halls often have fewer recurring bills, but they should still budget for:

• Textbooks

• Laundry

• Snacks and meals outside their meal plan

• Transportation home during breaks

• Campus activities

• Personal care items

• Dorm room essentials

Keeping a small emergency fund can help cover unexpected expenses throughout the semester.

Living Off Campus

Off-Campus Apartments or Houses

Students renting an apartment or house often take on additional expenses, including:

• Rent

• Utilities

• Internet

• Groceries

• Renter’s insurance

• Parking fees

• Household supplies and furnishings

Setting up automatic payments and account alerts through Digital Banking can make managing recurring bills much easier.

Commuting From Home

Living at home can significantly reduce housing costs, but commuters still have expenses to plan for, including:

• Gas

• Vehicle maintenance

• Car insurance and payments

• Parking permits

• Meals between classes

• School supplies

• Entertainment

Students who commute often have a great opportunity to save more aggressively while still enjoying greater financial independence.

College life gets busy quickly. Before classes begin, encourage your student to become familiar with digital banking tools.

With First State Bank’s Digital Banking platform, you can:

• Check balances

• Deposit checks

• Send and receive money with Zelle^®*

• Pay bills online*

• Make cashless payments using your digital wallet

• Track spending and set up account alerts

• Monitor their credit using My Credit Score

Learning these tools before arriving on campus can make managing money much easier throughout the school year.

Gather Important Documents

Before leaving for school, make sure your student has access to important financial information and documents.

These may include:

• Debit card and PIN

• Bank account information

• Routing and account numbers for direct deposit

• Driver’s license or state-issued ID

• Student ID

• Health insurance card

• Auto insurance information

• Financial aid or scholarship paperwork

• Emergency contact information

Remember to keep secure digital copies available in case originals are lost.

Understand Credit Before You Need It

Many students receive their first credit card offers during college. Understanding how credit works before opening new accounts can help students make smarter financial decisions.

Students should understand:

• How credit scores are calculated and how to read a credit report

• The importance of building a credit history

• Why paying bills on time matters and what happens when you don’t

• How carrying large balances affects credit

• Why good credit can help when renting an apartment, financing a car loan, or applying for certain jobs

Customers can monitor their credit through My Credit Score within Digital Banking, making it easy to keep an eye on their credit health over time.

College students are common targets for scams. Never share your passwords, verification codes, or debit card information. Be cautious of unexpected emails or text messages requesting payment, and contact your bank directly if something doesn’t seem right.

College is an ideal time to gradually shift financial responsibility rather than handing it over all at once. Every family’s financial arrangement looks a little different. Some parents pay tuition while students cover books or groceries. Others split rent, utilities, insurance, or transportation costs.

Before the first day of school, consider discussing:

• Who is responsible for which expenses?

• What monthly budget is realistic?

• How should unexpected expenses be handled?

• When should parents be contacted before making a large purchase?

• What happens if a debit card is lost?

• How often should you check in about finances?

Having these conversations early helps build confidence while reducing misunderstandings later.

Student loans can be a valuable tool for paying for college, but it’s important to understand how borrowing today may affect your finances after graduation.

Before accepting a student loan, take time to:

• Understand how much you’re borrowing and whether the loan is federal or private.

• Review interest rates, repayment terms, and when repayment begins.

• Borrow only what you need to help cover qualified education expenses.

• Consider scholarships, grants, savings, and other funding sources before taking on additional debt.

• Ask questions if you don’t understand the terms of your loan.

For many students, federal loans may offer borrower protections and repayment options that differ from private loans. Understanding those differences can help you make informed decisions about financing your education.

While many families use student loans to help pay for college, they aren’t the only financing option. Depending on your financial situation, you may want to explore other ways to help cover qualified education expenses—including using savings, payment plans, or, for some homeowners, a cash-out refinance.

A cash-out refinance may allow eligible homeowners to:

• Access your home’s equity to help cover qualified education expenses.

• Reduce the need for higher-interest private student loans.

• Consolidate education costs into one convenient monthly mortgage payment.

• Explore competitive rates and flexible loan options.

Every family’s financial goals are different. First State Bank’s experienced mortgage loan officers will work one-on-one with you to determine whether a cash-out refinance aligns with your needs and long-term financial goals.

College isn’t just an academic journey—it’s one of life’s first major financial milestones.

By opening the right accounts, building savings, creating a budget, understanding credit, recognizing scams, and having honest conversations about money, students can begin college with greater confidence and independence.

Whether you’re preparing for your student’s first semester or helping them return for another year, First State Bank is here to provide trusted guidance, modern banking tools, and personalized financial solutions to help your family prepare financially for college.