Watching Your Wallet: Exploring financial aid for college

FRESNO, Calif. (KFSN) -- Experts say money should be the last thing keeping you or your student from higher education.

"It's never too soon or too late when it comes to financial know-how," says Bank of America Consumer Banking Market leader, Indy Cheema.

Cheema says he often sees students not knowing where to start.

"When we help them on the path to financial independence, regarding where they may be or where they may be working toward in their young life, we understand that financial literacy and financial know-how are critical components of that," he said.

Cheema says financial habits are learned behavior, and some students may not have that education at home.

"Even if it's not taught in schools, it's our responsibility to our communities as financial institutions to teach that," he said. "Whether it's budgeting in savings, saving for a rainy day or learning how credit works, that's truly where we come into the picture."

When it comes to student expenses, he says identifying wants versus needs is crucial.

"They're receiving their paychecks for the very first time," Cheema said. "If they don't understand those responsibilities and how to manage those budgets early enough, they can get in some hot water and hurt themselves from a financial perspective."

Financial institutions, including Bank of America, offer a variety of resources for students to get informed.

"I want them to have the courage and conviction to ask the financial experts to help them with what they're trying to accomplish, and the dreams they're trying to accomplish," Cheema said.

Bank of America offers personal financial education through Better Money Habits.

It's a resource library that covers everything from savings and budgeting to credit and debt.

You can find that on the Bank of America website under Better Money Habits.

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