Way to save with student checking account – MESA

It seems that most of us having kids also have one thing in common – college and savings for the time of higher education. Banks do have options to cope with this but it seems as inevitable options for the most of us are debts or loans. There are a few ways to ease those “troubles”; one of those is certainly savings through checking accounts and other is in form of student accounts.

It seems most people will start saving even before their kids start to walk.It’s also good thing to apply for FAFSA (Free Application for Federal Student Aid) before sending them to college and help them plan and stick to their budget while there. Scholarships are also important but not all kinds can get them. There is also a matter of planning for debt repayment once they graduate – since there is a really good possibility this will be the case with most. There are other things worth checking out and keeping an eye out for – MESA (Montana Education Savings Account) for example.

MESA, short for Montana Education Savings Account is a program that rewards students for their savings. The main goal of this program is to help and teach young people with modest income (their parents included) how to create and keep regular savings pattern in this way avoiding possibility of great debts once their education is over.

Awards for having this type of account are presented in more money being added to it based on the overall savings. The program rewards students at the 1 to 5 rate which means for each dollar saved five more will be added to their account, at Montana tech all the way up to 2500 dollars. Carroll College in Helena has gone even higher with rate witch at this time is set at 1 to 8 – way up to 4000 dollars. Other centers and banks have their own rates and are encouraging students to use those.

The goals of the whole program are quite simple, by offering students their own checking accounts it creates the awareness of all the benefits of regular savings on the one hand, while on the other hand, it helps reduce any potential debts there may exist once they graduate. It also serves as sort of platform which prepares young people for challenges of life – debts and repayments of those as well as savings.

As far as other ways of saving go, having an option as MESA for yourself is really a neat thing. There are those among us who would pick a school or college based on our financial status, there are those often being held back by the costs of high education and are “forced” to pick cheaper options available – not all of us can payback potential student debts.

There are other programs associated with students checking accounts throughout the country that are definitely worth checking out, but at this time MESA is one of those that looks most promising, should there be more of those be sure not to miss them.