In this era, many parents want to teach their kids how to use and save money, and PayPal is a financial company and a good platform to use to teach kids about money.
If you are considering using PayPal to teach your kids or young adults about saving and spending money, you might also be wondering if PayPal has an option for this, and how to set it up? I looked into it, and here is what I found out!
Do Student PayPal Accounts Exist In [currentyear]?
Student PayPal Accounts did exist, but they are no longer available to use in [currentyear]. In 2016, PayPal decided to shut down PayPal Student Accounts, along with PayPal Student Debit MasterCards. Now you cannot own a PayPal account until you are 18, or the age of majority in your country or region.
If you would like to learn more about why PayPal shut down PayPal Student Accounts and PayPal Student Debit MasterCards, alternatives to PayPal Student Accounts, and more, then continue reading!
Does PayPal still have Student Accounts?
Unfortunately, PayPal no longer allows its users to create PayPal Student accounts or have PayPal Student Debit MasterCards.
PayPal Student accounts began in 2009, and were only available in the U.S.
Unfortunately, in 2016, PayPal decided to permanently shut down PayPal Student Accounts, as well as shutting down PayPal Student Debit MasterCards.
Additionally, since PayPal has shut down its student feature, you now have to wait until you are 18 (or the age of majority in your state) to create and own a PayPal account.
How Did PayPal Student Accounts Work?
PayPal Student Accounts and PayPal Student Debit MasterCard were created for minors and for parents or guardians to track their minor’s PayPal account activity.
Before PayPal Student Accounts, minors, someone under 18 or under the age of majority in their country or region, could not create a PayPal account.
Therefore, with Student Accounts, minors were able to create regular PayPal accounts through their parent or guardian’s account.
Additionally, the parent or guardians of the minor could track and manage their minor’s account, while also allowing the child to use it as a normal account.
Furthermore, minors could purchase items or services, and send money to friends and family, just like regular PayPal accounts.
What Are Alternatives to PayPal Student Accounts?
Some alternatives to PayPal Student Accounts are as follows:
- Greenlight
- For minors under 18
- Easy for parents to deposit money into their minors account
- Easy Parental controls to monitor minors account activity
- Capital One Money Teen Checking Account
- For minors ages 8 to 18 years old
- Joint accounts for parents or guardians
- Easy parental controls to monitor the minors account activity
- Bank of America Student Banking
- For students under 18
- Alliant
- For ages 13 to 17 years old
- Joint accounts with a parents or guardian
- Chase High School Checking
- For students ages 13 to 17 years old
- No monthly fees if linked to a parent or guardian account
- Huntington Bank
- For minors under 18
- An adult over 18 must co-sign or have a joining account
- Wells Fargo Clear Access Banking
- For minors ages 13 to 16 years old
- Parents or guardians can easily deposit money into their minor’s account
- American Express: Bluebird
- Parents or guardians can buy the card, or cards, and give it to their minor
- Easy way to monitor your minors account activity and give them spending money
- MyVanilla Card
- Parents or guardians can purchase these cards, and add their minor as a registered user
- A Student checking account through your bank
- For students under 18
To learn more, you can also read our posts on how to change PayPal username, how long do PayPal refunds take, and PayPal friends & family refund,
Conclusion
PayPal Student Accounts did exist before in 2009, but they are no longer active. In 2016, PayPal shut down its student features, PayPal Student Accounts, and PayPal Student Debit MasterCard.
Because of this, minors now have to wait until they are 18, or the age of majority in their country or region, to own a PayPal account.
However, there are many alternatives to PayPal Student Accounts, such as Greenlight, Alliant, Student Banking Accounts, and many more.
