Sending Your Kids to College

College is a major part of raising children in today’s times and a major source of stress for parents and children alike. Parents need to start saving for their children’s college education from the moment of birth and usually worry about having enough to finance that education through the moment of graduation. While a community bank like First Bank of the Palm Beaches cannot make student loans prospective collegians, we can serve as fundamental advisors to young families and students and help them to find the right resources to make their educational dreams come true.

Saving Accounts

It all gets started with First Bank’s Youth Savings accounts. If you are blessed with friends and family that give you small gifts of money when your children are born, open a new bank account in their name and get the savings habits started. Once the habit of putting some money every month away for your children is ingrained, you will start to feel less stress about the prospect of dealing with rising education costs.

Relationships

The real value of a community bank is not in the fact that we charge fewer fees than the big banks or that we don’t make you wait on hold when you call us. The real power of First Bank is in the relationships that we have within the community. Relationships that can help point you in the right direction for things like saving for college. If you need to speak with a financial planner about saving or an investment specialist about the Florida Prepaid program or various 529 plans, ask one of our bankers who they know and trust. It is always easier to get a referral from a trusted source than to check the yellow pages.

Loans

Student Loans are a specialized kind of loan that only a few do well. You can find all of the information you need on student loans though here at studentloans.gov. Parents that need some financing to help pay for their children’s education though can get some other types of loans to help with the process. First Bank can help with small personal loans, home equity loans or other loans secured by personal assets that can provide the immediate cash necessary to get your loved ones through their years of higher education.

Fig 1_sending_money_to_college

Transferring Money to Your Children

Once you have earned enough to cover tuition, don’t forget about funding routine expenses such as food and incidentals. College is a time for students to learn financial independence but parents are often still a major source of funds. First Bank’s Bill Pay product allows you to electronically transfer money directly to your children’s bank account over-night via ACH transfer. When your children need money now, First Bank can help get it to them.

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