2024 Hawai‘i College Guide: Setting Up Your Child For Financial Success

Read more of the 2024 Hawai‘i College Guide

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We know—it feels like your kids were taking their first steps only yesterday. You’ve blinked and it’s already time for them to go to college. It can be an emotional and overwhelming time, so planning ahead can lessen the stress. Here’s what the experts at HawaiiUSA Federal Credit Union have to say about making savvy financial decisions—not only for your children’s education, but for your whole family’s future.

Have a Chat About Finances 101

Having honest conversations as a family is always a good thing, and it’s especially important to have one about your finances. Take the time to talk about basic money skills and concepts such as the difference between credit cards and debit cards, how credit scores work and the purpose of checking and savings accounts. At HawaiiUSA FCU, Kasasa Cash Back is a free checking account that gives you 2.5% cash back on debit card purchases and reimburses ATM fees when all qualifications are met. Visit hawaiiusafcu.com/kasasa for more information.

Discuss Ways to Save Money

A financial coach at HawaiiUSA FCU can help you build a college budget for your kids. Some common tips: Create weekly meal plans; research student discounts at restaurants, gyms, clothing stores and more; look for ways to cut down on transportation costs; and share membership fees for gyms, streaming services and stores like Costco or Sam’s Club.

Keep Track of Your Money

Speaking of monthly budgets, it may be a good idea to keep track of your kids’ spending—at least until they prove themselves responsible. This is easy, thanks to Digital Banking at HawaiiUSA FCU. Download the app to receive real-time updates on accounts you have access to, including debit and credit cards. The app also connects to other bank and credit card accounts you may have, so you can see all of your finances in one place.

Look Into College Scholarships & Grants

There are so many college scholarships out there, and you can look online together with your children to see which ones they might qualify for. If you’re a primary HawaiiUSA member for at least 12 consecutive months, you may qualify for HawaiiUSA FCU’s $2,000 college scholarships. Your account will have to be in good standing and your children will have to be enrolled as full-time students during the upcoming academic school year. The best news is that you can apply for each year that your child attends college and for each child in your family.

The application period is December through February. If you’re not a member yet, you can become one now and apply for the scholarship next year.

Consider HELOC

Even with scholarships and grants, college tuition can still hurt a parent’s wallet. If you’re an eligible homeowner, it might be a good option to open a home equity line of credit, or HELOC. With a HELOC, you borrow against the equity in your home. The home serves as collateral for the loan and approved borrowers can withdraw funds from a predetermined credit line to pay for expenses like college tuition, books and more. Pros of a HELOC include lower interest rates, repayment on the amount borrowed instead of the entire credit line all at once, a one-time application and a manageable payment schedule. Talk to staff at your nearest HawaiiUSA FCU to get started.

Utilize Your Local Bank

If your children are moving away to the continent for college, you may feel anxious and nervous. Partner with a trusted local institution like HawaiiUSA FCU to continue your credit union membership in other states through shared branching. This means your kids can go into other credit unions and do transactions for free. If they need to call customer service, with HawaiiUSA FCU, they’ll talk to someone local—and get peace of mind knowing someone from home has their back.

Financial Checklist for Families

• Open a joint bank account with your child. It’s likely that you are still supporting your keiki financially through college, so having a shared account gives you the freedom to easily deposit money each month and keep track of your child’s spending activity and balances. HawaiiUSA FCU recommends its free Kasasa Cash Back checking account.
• Set up digital banking. You’ll need a budget to keep track of your child’s spending, and with digital banking, you can view online statements and transactions on your device at any time. Your child can also deposit checks online at any time, and make use of important security features if an emergency should happen, such as a card getting lost or stolen.
• Connect your children’s debit cards to payment apps. A mobile wallet can make it easier for them to shop at college bookstores, eat at the cafeteria or split the tab with friends when eating out.
• Consider a credit card. If you believe your kids have a good understanding of how finances work, you can give them a credit card to start building their own credit. You may also want to enable your kids to monitor and understand the factors that impact their credit scores by utilizing My Credit Score powered by SavvyMoney. This service is available as part of HawaiiUSA’s digital banking and mobile banking app.