<p>It’s not going to matter much. The small insignificant amount of money your daughter makes won’t really change the financial situation of student loans. Unless you plan on sending her to community college, which I would just pay for out of pocket rather than take out draconian loans for, you don’t need to worry about the few thousand your child will make in a year or in a summer.</p>
<p>You are still going to have to cosign for those loans and your income will really be what matters.</p>
<p>As far as the bank account is concerned, yes that’s how all banks work. Children, any person under the age of 18 cannot have a checking account. I just recently worked at a bank as a second job, so I know that’s a fact. I wouldn’t go through all the trouble of worrying about this. Just open an utma in her name with her ss# and have you be the custodian. Once she turns 18, close that account and have her open a student checking and savings acounts with you as a joint account holder as you can deposit money in her account and manage her funds if she needs your assistance to pay school/food/book/transportation/dorm bills. Also many banks and credit unions have no minimum balance or monthly maintenance fees for students for at least 5 years. Make sure they bring a student id or some form of enrollment info/proof when you go to set up one of these accounts.</p>
<p>The amount of time, effort, energy, and stress you waste on trying to save your daughter maybe a few hundred dollars in the long run for the average state school or even a private or ivy is not worth the hassle.</p>