Leaving for college comes with so many new things, but handling their own money can be one of the scariest. Learning about Banks is very key. We have all kinds of suggestions regarding Working While in College, Budgeting 101 even the Best Credit Cards for College Students, but this blog is all about banking. I, personally, find it best to have an account for my daughter at the same bank as mine. It makes it easy to slide money over whenever I need to.

FAU’s banking partner is PNC bank. They have an office on campus and several locations in South Florida and across 20 states. There are many ATMs on campus such as the lobby of the Student Support Services Building, the lobby of the Administration Building, Breezeway Food Court and several branches nearby.  They also offer a Virtual Wallet option which allows you to keep track of your money.  If they ever need cash this is helpful, although few students seem to use cash these days.

The PNC Virtual Student Wallet has a spending account (primary checking account), a Reserve Account (Interest-bearing checking account) and a Growth Account (Long-term savings account). Students obtain all three with this option. With this virtual wallet, students are provided with tools to help manage spending and saving. Parents can also receive the same account alerts as students when balances are low if they are enrolled.

Students obtain a PNC Visa debit card. Students also are able to enjoy benefits for up to six years which include:
· No monthly service charge
· reimbursement of the fee for the first two domestic or international non-PNC bank ATM transactions made on the spend, reserve, or grow accounts per statement period
· five-dollar reimbursement of other financial intuitions ATM surcharge fee per statement period
· One automatic courtesy refund of any overdraft item or refunded item fees associated with the first overdraft event
· One incoming domestic or international wire transfer per statement period at no charge

Apps like Venmo and Zelle are just more convenient.

Banking and how our students can access money is something you will undoubtedly want to figure out before day one.

The following banks are on or near campus:

PNC (On Campus)

Bank of America (2000 Glades Road)

TD Bank (2301 N Federal Highway)

CitiBank (4055 N Federal Highway)

Chase (1850 N Federal Highway)

Regions Bank (2250 Glades Road)

Wells Fargo (3601 N Federal Highway)

SunTrust (4899 N Federal Highway)

BB&T (701 N Federal Highway)

Bank United (5295 Towncenter Road)

Amtrust Bank (5550 Glades Road Suite 100)

Our interns are big fans of Venmo. They don’t recommend getting the Venmo card but find it convenient for just about everything. Roommates send each other their portion of the rent or electric bill, or their share of last night’s Uber, right through the app. Some parents prefer this method of sending money. There are no fees if you link it to your account instead of a credit card.

Credit Unions and Investment  Companies

South Atlantic Federal Credit Union is located at One West Camino Real in Boca Raton.

Schwab is a great option because one of the perks of having a Schwab account is that you can use any ATM and the ATM fee is later refunded. Schwab is located off of 150 E Palmetto Park Rd Ste 100

Next step…budgeting!

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April 15th is right around the corner. As you are preparing your return or having a CPA prepare your return, do not forget to take advantage of the Education Tax Credits available which can help offset the cost of your student’s education.

Two Credits Available

There are two tax credits available to take, The American Opportunity Tax Credit and Lifetime Learning Credit. The AOTC (American Opportunity Tax Credit) was made permanent by the Protecting Americans from Tax Hikes Act signed in 2015. The AOTC allows credit to be claimed for four post-secondary education years instead of two. The AOTC/Lifetime Learning credits are based on the payment of “qualified tuition and related expenses.” These are the expenses for tuition and academic fees that are required for enrollment or attendance at an eligible educational institution. Qualified tuition and related expenses do not include student activity fees, athletic fees, insurance, room and board, transportation costs and other personal living expenses. They also don’t include courses involving sports, games, or hobbies, unless they’re part of the student’s degree program. Books are qualified expenses under the AOTC, but not the Lifetime Learning credit.

Those eligible will qualify for the maximum annual credit of $2,500 per student for which $1,000 is refundable for the American Opportunity Tax Credit. That means if you owe nothing, you get it back. A taxpayer whose gross income is greater than $90K ($180K filing joint) cannot claim the credit.

The Lifetime Learning Credit is $2,000 per year per taxpayer, for any post-high school education (including graduate-level courses and courses to acquire or improve job skills) at an eligible educational institution. The Lifetime Learning credit is nonrefundable-i.e., it can reduce regular income taxes to zero but can’t result in the receipt of a refund.

For the Lifetime Learning credit a taxpayer whose gross income is greater than $68K ($136K filing joint) cannot claim the credit.

A taxpayer must receive a Form 1098-T payee statement from the educational institution.  Your student can obtain this form by logging into their student portal. Keep in mind that the required books, supplies and equipment and the local fees will not be on the 1098-T statement so make certain you take that into account. The Form 1098-T should be available online around January 24th, 2020 in paperless form and received by mail by January 31, 2020.

To retrieve the Form 1098-T follows these steps:

• Log on to myfau.fau.edu.
• Click FAU self-service, this will bring you to a menu page
• Click Student Services
• From the student service page, click the student account.
• Click tax notification and select the year you desire.
• This page will then give you the link to find your student’s 1098T tax form.
• Click View and Print Tax forms

Make sure you take your allowable credits and consult with a professional or click here for further clarification for the American Opportunity Tax Credit and click here for further clarification for the Lifetime Learning Credit.

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The time has come to pay for your college costs and money panic sets in.  I remember receiving the tuition statement for my daughter, yet her student account showed no Prepaid Florida (which I was fortunate enough to have purchased for both 4-year college and 1-year dorm).  In addition, her bank account did not reflect her Bright Futures Scholarship funds. So when does this money get disbursed? Can you get a deferral for books, living accommodations, and student fees until the disbursement comes?

For your student’s specific account details, you should have them log into their account at MyFAU. HaveUHeard that FAU encourages all students receiving financial aid to sign up for a direct deposit? To sign up, go to MyFau.fau.edu to log in. On the top toolbar, select “Money Matters.” Here students will be able to view their student account and find more information on financial aid disbursement.

Here are some financial specifics to keep your bottom line in line:

Florida Prepaid Money

Florida Prepaid will bill your student after the end of the Drop/Add Period. Your student’s MyFAU account statement will reflect the Florida Prepaid billing before they disburse Financial Aid. The day after drop/add ends, students will receive an email confirmation for the amount Florida Prepaid was billed. There will also be an email confirmation on the day Prepaid credits to your student’s account. Determine the payment your student will receive from Florida Prepaid.

Students who do not want the Florida Prepaid College Plan billed or who drop or add a class after the drop/add deadline should contact the Controller’s office, especially the Tuition and Billing Office. The Tuition and Billing Office is located in SU 80, Room 130 Students will have to complete a Change in Billing form. This form must be completed and submitted by the initial fee payment deadline for each term.

Students participating in the Florida Prepaid College Program who are also expecting to receive financial aid (e.g. Bright Futures, Pell, student loans, other scholarships/grants) will have the Florida Prepaid applied first to tuition and applicable fees.  Financial aid received will be disbursed and applied to the balance of outstanding charges which may include tuition and fees not covered by the Florida Prepaid Program. Any excess financial aid that remains after debts have been paid will be refunded to the student (student/parent if PLUS Parent loan).

Financial Aid

Financial Aid is typically disbursed after the drop/add deadline each semester. Before loans can be disbursed, first-time Federal Direct Loan and Perkins Loan borrowers must complete Entrance Counseling.  In addition, the master promissory notes must be signed and on file.

Bright Futures & Scholarships

Typically, loans are disbursed prior to drop/add and scholarships (Bright Futures), and grants are disbursed after the drop/add. Disbursements will be received via direct deposit or paper check. To check the status of your Bright Futures and Financial Aid. Log in, then use the menu to locate Money Matters, where you can choose Aid Status or Awards and Disbursements for the correct academic year. For more information on Bright Futures.

Tuition and fees are due by the University’s published payment deadline which is normally the end of the second week of classes; however, qualifying students are able to postpone payment until the deferred fee payment deadline. The assumption with students receiving a deferment is that tuition and fees will be paid once the student’s financial aid disburses. For help in determining if you qualify for a tuition and fee deferment, please review.

Finally, if your student receives a private scholarship and the check is made out to them, they should notify the university’s financial aid office as it may impact their financial aid package. If the check is made payable to the university, they will need to mail it to the financial aid office.

Note: students awarded federal loans must accept those loans before the regular tuition and fee payment deadline in order to qualify for a deferment.

FAU does have a payment plan for tuition. Students can opt for a 50/50 payment plan or a three-installment payment plan. Students can sign up for the payment plan on the student account page of their MyFAU portal. All Payment plans are accessed at a $15 service charge. If payments are received late, there will be a $100 charge added to the student account. Payment Plans cannot be used on previous semester balances.

Bookstore Line of Credit

Students who receive financial aid may be eligible to use the FAU Bookstore Line of Credit. Students who are eligible financial aid recipients may receive a $400 line of credit for textbook purchases from the FAU bookstore. Students who are eligible will be notified 1 week prior to the start of the semester. Students can also apply for a Short Term Advance. Short-term advance is available to all degree-seeking students who are enrolled at least half-time at FAU. The maximum loan amount is $750. The short-term advance does not have to be used on books, but should not be used on tuition payments.

Dorm Payments

Rent is billed per semester and is due when tuition payments are due. Students are responsible for payment of their housing balance if financial aid money is not released in time to pay by the due date or if there is not enough money to cover all of the student’s university debts. For more information on rent deadlines and your student’s housing agreement.

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FAFSA is the national Free Application for Federal Student Aid but, based on how aid is distributed, it may as well stand for First Applications Find Substantial Assets. Because aid is distributed on a first-come, first-serve basis, every student that hopes to receive aid for college must fill out this form to even be considered. Every college has its own deadline. For incoming freshmen, they should fill out this form and list the colleges they are interested in attending. Students admitted for the summer term should complete the 2020-2021 AND the 2021-2022 FAFSA.

FAU’s school code is 001481 for the Boca Campus. FAU’s priority deadlines are March 1st each year. After March 1, applications reviewed in the order they were received.  Of course, your student did not know if they were accepted back then, but they can speak with the Office of Financial Affairs to update their application if your circumstances have changed substantially from what was reported on the Federal Income tax return for the year submitted. If your student has not yet filled out FAFSA, do it immediately.  The one take away we have learned from 2020, is that you never know when your financial position may change. If you are offered loans, you are under no obligation to accept them.

If your financial situation has changed since filing the PPY tax return being used on your FAFSA then you will need to manually make the changes on FAFSA. For instance, if you are preparing the 2020-2021 FAFSA  using your 2019 tax return and you filed as  “married filing joint” tax return but you’re no longer married (divorced, single) then you would need to deduct the former spouse’s income and deduction amounts.  In addition, if you were single on the tax return being used on the FAFSA and now you are married, you would need to make a manual calculation using your new spouse’s income and deductions.

The FAFSA is available online. This is a first come first serve as these loans are limited and time-sensitive. You can complete the application initially using estimated tax information and do not need to wait for your taxes to start the process. And, there is now an app for filling out FAFSA which includes access to the IRS’ data-retrieval tool. The app is called myStudentAid which will allow students to fill out the FAFSA on their phones on either an iPhone or Android.

The FAFSA uses the prior year’s tax return for the academic year you are applying even though a freshman is a first-time applicant. If you do not qualify this year (maybe it was a strong income year for you) you are entitled to an appeal. You will need to fill out a petition form but even if you petition, aid is still contingent upon fund availability. You can read more about petitioning aid.

Make certain you apply EVERY year. It may not be the perfect scenario, but it is how FAFSA works.

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Florida Atlantic University does not require students to have Health Insurance (unless they are international students); however, it does help to keep costs down during visits to Student Health Services. Deciding on which health insurance plan your student should be on may require a degree in economics. There are so many variables to consider when choosing:

• Is the monthly premium you pay for your child pre-tax or after-tax?
• Is it marketplace insurance or subsidized and again, does it meet the university’s minimum requirements?
• Does your current insurance cover your student at an out of state college?

If your student is coming to FAU from out of state, you will need to check with your current health insurance coverage to see if it covers their costs while attending school and living out of state. At Florida Atlantic University, Student Health Insurance Plans are available for students to enroll in. The FAU student insurance plans are underwritten by Aetna.

The Florida Atlantic University plan’s rates for a single student are approximately $388 per month (average) for the calendar year. There are also plans that cover students for only two semesters or just the summer semester. Your Student can enroll in quarterly or annual payment plans. If your student is already covered by your own plan, you should consider what your cost is to keep them on your plan. Suffice to say, if this is a Cafeteria Plan using pre-tax dollars, it may be more reasonable to keep them on your insurance plan.  In addition, if you are going to be studying abroad, you may want to consider your options on which plan to go with. The Deadline to submit waivers for the Fall 2020 semester is August 17, 2020. More information on pricing and coverage options with FAU’s student insurance plans.

To be eligible for this coverage, students must be considered Full-time, or enrolled in at least 12 credit hours and attend the first 31 days of courses. For more information, a Representative from Insurance for students is available to speak with on Thursdays from 1-4 pm in the Student Health Services Clinic. Students can also call (561) 297-1135.

Student Health Services accepts Aetna, Florida Blue, Cigna, and United Healthcare. Be sure to pack an insurance card for your students to hold onto while at college for on-campus visits or emergencies. Students without health insurance can also visit Student Health Services and pay out of pocket. If you are unsure of which plan makes the most sense for your family and you have a financial planner or a certified public accountant, they can run the numbers for you. For information about FAU’s Aetna Student Health Insurance options, or information in regards to coverage and costs at Student Health Services.

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