College looming on the horizon?

   It was not that many years ago that my child graduated from high school, and as a fellow parent, I recall the daunting task of completing all of the various applications while simultaneously preparing myself and my child for this huge milestone. As someone who has been through it before, I’d like to share with you two things that helped me and my family during the process, which may be of value to you.

   For understandable reasons there are now a myriad of government-sponsored student loan alternatives, some of which have interest rates approaching 12%. While everyone’s situation is different, many parents use a home equity line of credit from Needham Bank to cover college expenses. Please consult your financial advisor as well as our website for current rates before making any important financial decisions. But this may be a way for you to save substantially on the cost of a college education.

   My second suggestion is that your student considers an NB Checking account. You’d be amazed at how the hidden fees and ATM charges add up for kids who go away to college. As community bankers, we consider things like this because our children face the same challenges. With NB Checking and a corresponding NB Debit Card, there are no monthly fees, plus free ATM access globally. Whatever another bank charges you or your student to use their machine – whether on campus or abroad – we will fully reimburse each month. College is expensive enough without over-paying for the privilege of using your own money.

   At this time of year, many parents and students are finalizing their college strategies. If either of the afore-referenced suggestions are of interest to you, I’d be pleased to help. My name is Eric Morse and I invite you to contact me at or at 781-474-5955, so that I might direct your request to an NB Personal Banker. We’d be pleased to meet with you at any of our offices, or at your home or office depending on what is most convenient for you. Best wishes and many thanks for your consideration.

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