my school cut me a check...

[crownjules]

If you keep it, do so ONLY to save it or invest it wisely. Do not use it for consumption spending (buying goodies or extras that you couldn't afford without that extra money). To do so is a grevious sign of financial irresponsibility that will lead you down a path you don't want to travel. Loans should only be spent on things that will greatly improve your quality of life - education, a home, a car, a business, etc.

Edit:

6.80%

On second thought, just return it. Even a 5% interest rate is only going to yield you $10 or so. It's just not worth it IMHO.

 

[ElFenix]

Originally posted by: ViviTheMage
I have a unsub. stafford loan (no interest while I have it, and I start paying it off 6 months after I graduate) of 2250$ and I only needed 1790$ so they cut me a check for 460$...should I keep it or put it back into my loan so its less when I graduate?

let me add, I don't REALLY need the money...I have 1k saved up, but that will probably go towards my car loan (5k left @ 5%).

see sig

 

[junkiefp]

Yeah put the money into a cd until its time to pay the loan. Do not spend it.

 

[MercenaryForHire]

Buy some more network hardware so you can indulge your control fetish on your siblings a little better.

- M4H

 

[oogabooga]

Originally posted by: tfinch2

Originally posted by: getbush
Anyone who is waffling over $460 would have a stroke if they saw my student loans. My only saving grace is that my finacee will both be doctors soon.

You have two finacees?

I noticed that too, I think he meant "my finacee [sic] and I will both be doctors soon" ... I think.. in which case, bah, he's loaded. 😛

 

[child of wonder]

My wife and I got back about $6,000 each year while I was going to school because of all the grants and loans I qualified for and we had to use every penny of it. My wife was working full time, I was working part time and going to school full time, and we had to pay for our two kids daycare expenses.

It was tough going at times (including the student loans, tax return, and wages) we lived off of about $32,000 per year for a family of 4. Now we make about $83,000 combined 1 year after I graduated so it was worth it.

Bottom line -- if you can find a way to make the money work for you or if you really need it, then keep it. Otherwise, just give it back.

 

[MercenaryForHire]

Originally posted by: oogabooga

Originally posted by: tfinch2

Originally posted by: getbush
Anyone who is waffling over $460 would have a stroke if they saw my student loans. My only saving grace is that my finacee will both be doctors soon.

You have two finacees?

I noticed that too, I think he meant "my finacee [sic] and I will both be doctors soon" ... I think.. in which case, bah, he's loaded. 😛

If he's going to have two wives, he'll be flat broke in no time. :laugh:

To our wives and girlfriends - may they never meet. :beer:

- M4H

 

[Jeff7]

Technicality:
If you have an unsubsidized loan, you WILL have to pay interest on it right away. Yours isn't like that - the government is paying the interest until 6 months after graduation, so yours is subsidized.

Take the check and put it in a CD. The government is paying the loan's interest for the time being, so for that time you've got an interest free loan - might as well turn it into a loan that helps pay for its own interest.

 

[IceBergSLiM]

I know when faced with this question in college there was only one reasonable answer. Party now....pay later.

 

[ViviTheMage]

Originally posted by: MercenaryForHire
Buy some more network hardware so you can indulge your control fetish on your siblings a little better.

- M4H

bad merc bad! why would I waste more time with that? hmm!?

 

[ViviTheMage]

Originally posted by: ElFenix

Originally posted by: ViviTheMage
I have a unsub. stafford loan (no interest while I have it, and I start paying it off 6 months after I graduate) of 2250$ and I only needed 1790$ so they cut me a check for 460$...should I keep it or put it back into my loan so its less when I graduate?

let me add, I don't REALLY need the money...I have 1k saved up, but that will probably go towards my car loan (5k left @ 5%).

see sig

WINNER! I think I will do this....an ing account with 4.5%

 

[Jeff7]

Or an ING CD with >5% interest.

 

[slurmsmackenzie]

since your student loan doesn't have to be paid back (and if there isn't any accruing interest), i'd take the 460 and pay off higher interest, or currently accruing intrests on other lines of credit, be it your car loan, credit cards, etc. your student loans don't count against your credit score until your out of defferment time. unless you have no other outstanding loans, then i'd send it straight to the student loans (if i were you, that is. if i were me, which i am, i'd blow it on pot and naked chicks and cross that bridge when i get to it)

 

[zerocool1]

I think current cd rates are up around 6%. I'd go online and open one through hsbc or ing direct.

 

[Mayfriday0529]

I got almost $5000 last semester in refund from school. I took it and paid off some other school loans with it.

 

[SoulAssassin]

Originally posted by: ViviTheMage

Originally posted by: ElFenix

Originally posted by: ViviTheMage
I have a unsub. stafford loan (no interest while I have it, and I start paying it off 6 months after I graduate) of 2250$ and I only needed 1790$ so they cut me a check for 460$...should I keep it or put it back into my loan so its less when I graduate?

let me add, I don't REALLY need the money...I have 1k saved up, but that will probably go towards my car loan (5k left @ 5%).

see sig

WINNER! I think I will do this....an ing account with 4.5%

The amount of money you're talking about investing is so small you're talking about making about $21/yr before income tax. Why bother? Just pay it back.

 

[ViviTheMage]

Originally posted by: SoulAssassin

Originally posted by: ViviTheMage

Originally posted by: ElFenix

Originally posted by: ViviTheMage
I have a unsub. stafford loan (no interest while I have it, and I start paying it off 6 months after I graduate) of 2250$ and I only needed 1790$ so they cut me a check for 460$...should I keep it or put it back into my loan so its less when I graduate?

let me add, I don't REALLY need the money...I have 1k saved up, but that will probably go towards my car loan (5k left @ 5%).

see sig

WINNER! I think I will do this....an ing account with 4.5%

The amount of money you're talking about investing is so small you're talking about making about $21/yr before income tax. Why bother? Just pay it back.

bah, i know...but I can put more money in if i wanted too! But I have such a tight income that, that probably wont happen.

 

[Balt]

He doesn't have to pay interest on it, but he does have to pay interest on his car loan. Get the car paid off first.

 

[EGGO]

Unsubsidized? Go for the car first, I believe.

 

[ebaycj]

KEEP IT DAMMIT, HAVE FUN NOW, LIFE IS A LOT LESS FUN AFTER COLLEGE

 

[Bryophyte]

Put it on your car loan.