Due to the rising costs of tuition in the United States, more students than ever are looking for ways to pay for college supplies using methods such as self-service coin counters. Banks will be able to profit off of students entering the bank by asking them to open an account with them or use their services. Using a coin counter in a bank can also attract students and serve as a base to encourage them consider their financial fitness with the financial institution.
Banks, credit unions and other financial institutions can help college students prepare for their financial future by offering savings classes at colleges taught by bank representatives, unique on-campus groups for students, ATMs and self-service coin counters at branches to help students turn valuable coins into usable cash. These financial institutions also benefit from providing these services because more students will want to create an account after experiencing a self-service coin counter or on-campus event.
The state of the American higher education system rests on the fact that it is not funded by government unless it is a public university. Many American families opt to invest in mutual funds, stocks or savings plans to generate enough income to end up paying little in loans. These savings plans can start from the time a child is born until that person goes to college. Other families must pull out public and privatized loans to fund the rest of a child's education.
Student loans are growing exponentially for students, making many students hesitant to pursue higher education in America. According to the Institute for College Access & Success, U.S. student debt averages at $28,950 per person with over 69 percent of all students paying some form of student loan debt. These higher costs can make students feel hesitant about the benefits of pursuing higher education. This creates a larger market for community colleges to accept students while they obtain their associate's degrees. It also creates a larger marketing for savings initiatives by banks using methods such as accounts and self-service coin counters.
Self-service coin counters are a valuable tool for college students and banks because it provides customers with cash for on-campus expenses such as food, textbooks and other necessities while giving banks an additional source of revenue. No matter how far electronic payment options have come, coin counters will help bank branches stay relevant in college minds for years to come.
May 13, 2016