Cash for College: 5 Fintech Tools to Help You Pay for School

If you are a high schooler preparing for college, investing in higher studies would be one of your most significant financial commitments. With escalating college costs, rising tuition fees, and many associated expenses, how do you plan to manage your money?

Thankfully, high schoolers and college freshers now have access to powerful fintech tools. Recent advancements in financial technology have made college life much easier. Your peers might already be managing college funds like a pro.

So, why would you be missing out on something as crucial as your money management? These innovative solutions from leading fintech platforms can help you excel in managing college expenses, besides strengthening your financial literacy.

Let’s explore the potential of fintech apps for college students and make the most of it.

How relevant is fintech to college students?

Your college days give you the essence of independence, and you learn to live away from your family. Well, this is the ideal time to start with personal finance concepts. Acquiring financial literacy early in your life would deliver its bonus throughout your thirties, forties, and late into your retired life!

Let’s examine the numbers to determine how relevant fintech is for college students.

• As much as 72% of college students make payments using smartphone apps, while 93% of students have access to digital payment solutions.
• Fintech companies have helped thousands of students access scholarships and manage their college expenses.
• Currently, the student loan debt in the US stands at $1.71 trillion. Naturally, students need fintech apps to ease their loan repayment process and responsibly manage debt.

While personal finance often intrigues teens or tweens, fintech solutions can help you navigate these complex concepts. A lucid understanding of finance and responsible money-handling habits equip students with essential skills for a successful future.

These valuable tools go a long way in nurturing financial literacy, helping you stride toward financial independence.

How can fintech apps make you financially resilient?

Using fintech apps to cultivate financial literacy and manage expenses empowers college students to control their finances responsibly. With the right approach, you can take the initial steps to understand your income and accumulate savings. Finance management becomes amazingly efficient with the right set of tools at your disposal.

Budgeting and college expense tracking

College life is hectic, and it might be overwhelming to juggle multiple responsibilities. Students often feel financially stressed and unable to manage their expenses. Familiarizing yourself with fintech solutions can help you simplify serious monetary responsibilities like expense tracking, budgeting, and paying your bills. Whether you remain obsessed with your studies or side hustles, money management becomes breezy with fintech solutions.

Getting started with investments

Fintech apps go a long way in bridging the gap between financial services and college education. Traditionally, you might have considered investments in stocks, bonds, or cryptocurrencies inaccessible. However, the reality is evolving, and you might start building your investment portfolio even before you graduate!

Access to loans, grants, and scholarships

Fintech apps also bring you a plethora of loans and refinancing options. Also, these AI-backed platforms ease up your grant and scholarship applications. Fintech solutions fast-track your access to all sorts of financial resources that might help you manage your college expenses.

Top fintech tools every college student should use

Check out these robust fintech tools that can simplify money management for students.

Acorns: Micro-Investing for College Savings

Acorns is a popular fintech app among college students that enables you to save for college, rounding up your daily expenses to the nearest dollar. The tool invests the spare change in a variety of avenues. Therefore, you may use Acorns as a micro-investing platform to help you grow your savings as you graduate.

Key features of Acorns

• The app has been designed to automatically invest spare changes from daily transactions of students into diversified portfolios.
• You can set up recurring contributions from your bank account as a student. So, putting aside a part of your income from a part-time job or side hustle into your portfolio is wise.
• Acorns have also partnered with different brands that offer cashback rewards to students. The fintech solution automatically invests these amounts into your portfolio.

The provision for setting up recurring contributions helps students cultivate the habit of saving. This way, you keep contributing to your college fund. Besides, the Found Money feature boosts your savings by turning rewards into investment opportunities. Acorns, therefore, deploy a plethora of smart mechanisms to accelerate the growth of your savings.

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