What to do with financial aid
Because I have $50 in my bank account and my parents aren’t helping with paying for college, I naturally had to take out some student loans. After I got my refund check (two weeks after my school got my money from the bank) and then after another week of my bank holding the check, I will finally get my refund of a little under $5000 tomorrow. I’ve already budgeted myself out for this semester and this is just one part of my financial aid for the fall. I’ll be getting another $1750 at the end of September. After I take my cut for this month, I’m putting the rest into an online savings account with a high interest rate.
I’ve narrowed it down to WaMu and CapitalOne. Their interest rates are really good (WaMu 4.89%, CapitalOne 4.88%) and APY for both is 5%. Minimum to open an account is $1. No minimum balance, but for WaMu, you get charged monthly fee of $4 if balance goes below $300. Also, if I go through WaMu, in order to get those rates, I have to sign up for their free checking account, which I was considering doing anyway because Bank of America sucks. Downside to this is there aren’t any branches near me. The closest is two hours away. I am, however, allowed to transfer money online, which is what I’d do anyway. I also get free checks and a debit card so that’s what’s necessary anyway.
This page was last modified on August 31, 2007 @ 3:09 am
8 Responses
I’m a WaMu customer, so far we’re happy. Their savings rate isn’t bad, but ING’s is better and that’s who we save through.
I’m also a student, albeit a non-traditional one, and financial aid is a bitch no matter how you look at it. I’m borrowing money to finance my entire education, so I feel your pain.
I’ve never used WaMu but I have heard it’s nice.
Consider opening a free checking account at a credit union. You can usually get a better deal than at banks.
Instead of WaMu, use Emigrant Direct. You’ll get a slightly better return, no fees whatsoever, no minimum, and you can transfer from/to your checking account online.
Omg i so need to get a loan because my parents aren’t willing to help at all I thought bank of america was pretty good but oh well
i never had to do the financial aid… my rents didnt help with paying for university, but i have some great summer jobs that paid for it all in full. summer factory jobs are the best. they have great cash, and it makes you want to stay in school so you never have to go back t one other than a summer job
I’ve used ING Direct as well and had no complaints about them. Their savings account rates are competitive; their CDs less so.
Hi, I opened up an ING account online. I used a referral link where they gave me $25 bonus for opening a minimum $250. That works out to be 10% up front. Then they pay there 4.5 %. They now have savings and checking available that both pay int and have no minimums. I know this is an old post, but this is cool stuff.
Cheers!
Sep 20, 2007