When should I file the FAFSA?

As early as possible. The FAFSA opens each October 1 for the following school year. Many states and schools award aid on a first-come, first-served basis, so filing early can mean more grant money.

Do I need a student bank account?

Yes. A student checking account usually has no monthly fees and no minimum balance. It gives you a safe place for refunds, paychecks, and autopay. Look for one with a large free ATM network and no overdraft fees.

How much should my first college budget be?

Start with your actual income — financial aid refund, work-study, family support, and any job income. Then list fixed costs like rent, food, and transportation. Whatever is left is yours to allocate for fun, savings, and surprises.

Should I get a credit card as a freshman?

A student credit card can help you build credit if you use it responsibly. The rule is simple: charge one small recurring expense, then auto-pay the full balance every month. Never carry a balance.

What financial documents should I keep?

Keep copies of your FAFSA confirmation, award letters, loan promissory notes, tax returns, and bank statements. Store them in a secure folder or cloud account you control.

First-Year Financial Checklist

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Jump to:Set Up Your Bank Account Master FAFSA & Aid Timelines Build Your First Budget Start Building Credit Safely Protect Yourself Financially FAQ

Open a student checking account with no monthly fees.Two great options: First Financial Bank and Ally Bank.

Choose a bank with free ATMs near campus or your home.

Set up mobile banking and enable account alerts.

Opt out of overdraft protection to avoid surprise fees.

Link a free savings account and set a small auto-transfer.

File the FAFSA as soon as it opens (October 1 each year).

Check state and school deadlines — they are earlier than federal ones.

Indiana's FAFSA deadline is April 15.

Review your Student Aid Report (SAR) for errors.

Accept grants and scholarships first; loans last.

Add up all income: refund, work-study, family help, job.

List fixed costs: rent, groceries, phone, transportation.

Set a realistic 'fun money' limit you can stick to.

Track spending weekly — not just when you're scared.

Build a $500 mini emergency fund before anything else.

Apply for a student credit card with no annual fee.Two great student cards: Discover Student Cash Back Card and Capital One Student Credit Cards.

Use it for one small bill (Netflix, Spotify) and auto-pay in full.

Keep credit usage under 10% of your limit.

Check your credit score monthly with a free app.

Never miss a payment — autopay is your safety net.

Never share your FSA ID or banking passwords with anyone.

Ignore unsolicited loan offers — they are often scams.

Read every financial aid letter carefully before signing.

Keep digital copies of all aid documents in one secure folder.

Ready to put this into action?

Thrive has free tools built exactly for these steps. No bank login required.

Build a budget Learn credit basics FAFSA reminders

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