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Tuition and fees, club dues and beer money — it’s expensive to be a college student. could be spending more than 5 million a year on overdraft and late payment fees alone [2].It doesn’t help that according to Nerd Wallet’s latest analysis, checking account and credit cards could be costing the average student up to

Tuition and fees, club dues and beer money — it’s expensive to be a college student. could be spending more than $795 million a year on overdraft and late payment fees alone [2].It doesn’t help that according to Nerd Wallet’s latest analysis, checking account and credit cards could be costing the average student up to $1,016 in fees and interest over four years of college [1]. In a 2016 study, Nerd Wallet analyzed the overdraft fees of 20 checking accounts affiliated with some of the largest universities in the U. We looked at the same accounts this year, as well as student credit cards, to see how things have changed over the past 12 months.In this study, we’ll break down the costs of student checking accounts and credit cards and provide cheaper alternatives.We’ll also give tips on how to start building credit as a college student and explain why it’s important.The university accounts we looked at that were affiliated with credit unions had lower overdraft fees on checking accounts and higher interest rates on savings than university accounts affiliated with major national banks.

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Tuition and fees, club dues and beer money — it’s expensive to be a college student. could be spending more than $795 million a year on overdraft and late payment fees alone [2].

,016 in fees and interest over four years of college [1]. In a 2016 study, Nerd Wallet analyzed the overdraft fees of 20 checking accounts affiliated with some of the largest universities in the U. We looked at the same accounts this year, as well as student credit cards, to see how things have changed over the past 12 months.In this study, we’ll break down the costs of student checking accounts and credit cards and provide cheaper alternatives.We’ll also give tips on how to start building credit as a college student and explain why it’s important.The university accounts we looked at that were affiliated with credit unions had lower overdraft fees on checking accounts and higher interest rates on savings than university accounts affiliated with major national banks.

We also found that student savings accounts and credit cards had extraneous, unnecessary costs that students could avoid by opting for different accounts or through smarter use of the cards.

» MORE: Best checking accounts for college students You can also opt out of overdraft coverage entirely.

Overdraft coverage is the practice of the bank paying for certain kinds of transactions even though you can’t afford them, then charging you an overdraft fee.

Many cards impose penalty interest rates of up to 30% in such cases.

That’s more than twice the average minimum interest rate on the student credit cards we analyzed and more than 7 percentage points higher than the average maximum rate.

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