Janice Lozano
PayPal is a convenient way to send and receive money online, and it can be especially useful for students who need to pay for things like tuition, books, and other school-related expenses. While PayPal does not currently offer student accounts, students can still use PayPal to make and receive payments as long as they are over 18 or have a parent or guardian open an account for them. In this paragraph, we will discuss how students can get started with PayPal and take advantage of its features to manage their finances effectively.
| Characteristics | Values |
|---|---|
| Student Account Availability | Student accounts are no longer supported by PayPal |
| Student Account Alternatives | Students under 18 can have their parents/guardians open an account in their name that the student can use |
| Payment Methods | Credit and debit cards, bank account transfers, PayPal account payments, and foreign currency payments |
| Payment Solutions | Adhere to PCI DSS; automated reporting for linked accounts; free for parents and students to make payments within the US |
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What You'll Learn
PayPal student accounts are no longer supported
There are, however, some alternatives to PayPal student accounts. One option is to open a student account with a national bank or local bank/credit union. These accounts can provide students with access to online banking, mobile banking, custom alerts, and no monthly maintenance or overdraft fees. Additionally, students can often get a debit card associated with their account, allowing them to make purchases and withdraw cash from ATMs.
Another alternative is to use a prepaid debit card. These cards can be purchased at pharmacies or supermarkets and do not require the holder to open a bank account. They provide access to a limited amount of money, which can be useful for daily expenses or emergencies. Bluebird by American Express offers a hybrid between a bank account and a credit card, with the option of including up to four prepaid cards for family members with sub-accounts.
Google Pay is another option for teenagers, as it has reasonable age limits. Additionally, Capital One offers teen banking, allowing parents to transfer money in and out of their teen's account and providing parental controls.
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Minors can use PayPal under parental supervision
Minors cannot open a PayPal account by themselves. PayPal's policies specify that only those over the age of 18 can register for an account. This is because, legally, signing a contract without being an emancipated minor is against the law.
However, minors can use PayPal under parental supervision. A parent or guardian can open a PayPal account in their name, with their cards and bank accounts linked, and allow their child to use it. This way, there is a responsible adult taking care of the account. It is important to note that the names on the account and cards/bank must match.
To set up a student account, the parent or guardian must first log in to their own PayPal account. They can then click on "Products & Services" at the top of the page, followed by "View All PayPal Products", and finally, "Student Account". If there is an error message saying that the account already exists, the parent or guardian can contact customer support to enable the student account.
While this method allows minors to use PayPal under parental supervision, it is worth noting that some countries do not allow a replacement user agreement if the minor becomes an adult. In such cases, PayPal will be unable to support that account once the user turns 18.
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PayPal's payment solutions for schools and universities
PayPal offers a range of payment solutions for schools and universities, providing a faster and safer way to send, receive and make payments.
For schools, PayPal offers a secure and user-friendly platform that accepts online payments for various purposes, including school fees, dinners, donations, field trips, and summer camp registration. Schools can also set up online stores with 3dcart and PayPal accounts, enabling them to track transactions, donations, and orders while collecting additional information. PayPal's payment solutions help schools automate the entire payment and reporting process, reducing manual administrative tasks.
For universities, PayPal provides a centralised account with multiple linked accounts for various campus activities, such as dining hall passes and parking passes. This simplifies payment acceptance and offers automated reporting for all linked accounts, ensuring complete visibility over transactions. PayPal's solutions are PCI DSS-compliant, helping universities reduce the scope and cost of PCI compliance.
PayPal also caters to the specific needs of students and student-athletes. It has partnered with select schools to become a preferred payment partner for tuition payments, offering students and parents a convenient, flexible, and secure way to pay with their PayPal wallets. Additionally, PayPal has entered agreements with the Big Ten and Big 12 Conferences to facilitate institutional payments to student-athletes, modernising revenue distribution and enhancing campus life.
Overall, PayPal's payment solutions for schools and universities streamline payment processes, improve security and compliance, and provide flexibility and convenience to students, parents, and educational institutions alike.
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How to set up a student account
PayPal has discontinued its student account service. However, there are alternative ways for students to set up an account.
If you are under 18, your parent or guardian can open a PayPal account in their name and allow you to use it. This way, there is a responsible adult in charge of the account. You cannot attach your cards or bank details to this account; all names must match.
Alternatively, you can look into other payment services that offer student accounts, such as your local bank or credit union. These institutions often provide student accounts with various benefits, such as a prepaid debit card with zero liability protection.
If you are 18 or older, you can set up a standard PayPal account by signing up on the PayPal website. Simply select "For You" in the left box option and ensure that your personal information is correct.
It is important to note that using PayPal for student transactions may require you to be cautious about certain factors. For example, using the account slowly at first and gradually increasing transaction amounts can help prevent your account from being flagged and requiring ID verification.
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PayPal alternatives for students
PayPal student accounts were discontinued in 2016, and PayPal no longer supports individuals under 18 years of age. However, there are several alternatives to PayPal for students.
One option is to open a custodial account, which allows parents to monitor their child's account activity and help them make financial decisions. Capital One Money is a zero-fee checking account designed for children and teens aged eight to 18. It offers free online and mobile banking, a Mastercard debit card, parental controls, and access to over 70,000 fee-free ATMs across the country.
Another alternative is to explore student accounts offered by local banks or credit unions. For example, Chase allows students to open a free checking account with no minimum balance requirement, providing online banking, a debit card, and access to ATMs. Prepaid debit cards are also a viable option, offering a convenient way to manage daily expenses or emergencies without the need to open a traditional bank account. Bluebird by American Express offers a hybrid between a bank account and a credit card, allowing quick transfers and spending monitoring through subaccounts.
Additionally, FamZoo is a highly-rated alternative, providing a comprehensive program to help children manage their finances effectively. While it involves charges and slower transfer times compared to PayPal, FamZoo offers educational tools and parental controls that make it a popular choice among families.
Google Pay (formerly Google Wallet) is another alternative to PayPal for teens, offering reasonable age limits and convenient payment options.
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Frequently asked questions
Student PayPal accounts are no longer supported. If you are under 18, you will need your parent or guardian to open an account in their name and allow you to use it.
If you already have a student account, you can contact customer support to enable it.
Yes, your local bank or credit union may have options for students. Prepaid debit cards are also a good alternative to PayPal for minors.
You can sign up for a PayPal account on their website. Simply select "For You" in the left box option and enter your personal and billing information.
