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College Question (Refund Check)
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So today I got a refund check in the mail.

What do I do with it? I have books, transportation, everything pretty much paid for? So does it have to go to something school related, or what's the deal (or the responsible) thing to do with this?

I'll be talking to my parents about it of course, but they're currently out of town, and I'll always welcome extra opinions and advice.

I'm young and relatively new to adulting, so all of the advice and teaching is appreciated :)
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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Koala Bear wrote:
So today I got a refund check in the mail.

What do I do with it? I have books, transportation, everything pretty much paid for? So does it have to go to something school related, or what's the deal (or the responsible) thing to do with this?

I'll be talking to my parents about it of course, but they're currently out of town, and I'll always welcome extra opinions and advice.

I'm young and relatively new to adulting, so all of the advice and teaching is appreciated :)

Who paid the college bills? If your parents, then that refund is theirs.

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"i disagree with your analysis [or judgment], nevertheless you have the responsibility of moderating this board so i honor your authority to make the moderating decisions."
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Re: College Question (Refund Check) [klehner] [ In reply to ]
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klehner wrote:
Koala Bear wrote:
So today I got a refund check in the mail.

What do I do with it? I have books, transportation, everything pretty much paid for? So does it have to go to something school related, or what's the deal (or the responsible) thing to do with this?

I'll be talking to my parents about it of course, but they're currently out of town, and I'll always welcome extra opinions and advice.

I'm young and relatively new to adulting, so all of the advice and teaching is appreciated :)

Who paid the college bills? If your parents, then that refund is theirs.
It’s a mix of scholarship, Parent Plus loan, and I took out a loan as well. My dad got his refund separately, this one is for me.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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I agree with above that it depends on who paid for school. My financial 'aid' package is based on tuition, fees, school-related expenses, and living expenses, but it's all a loan from the future me. If you include living expenses in your aid package be very careful to make it last as long as it needs to.

Note: Don't forget about the hidden expenses you'll run in to. For instance, I've had to increase my amount to account for Step 1 study resources which can easily run ~$1000 very quickly.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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What about 'not spending it'? Save it for a rainy day.
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Re: College Question (Refund Check) [Harbinger] [ In reply to ]
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Harbinger wrote:
What about 'not spending it'? Save it for a rainy day.
That’s definitly an option, I just wanted to learn about any strings attatched, or that type of stuff.
If it can only go towards certain things, etc.

Saving is for sure an option, and an option that I love.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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Koala Bear wrote:
What do I do with it?

Blow and hoes

Chris
*********************
"Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, totally worn out,  shouting, holy crap, what a ride!!" - author unknown

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Re: College Question (Refund Check) [Smil'n Hawaiian] [ In reply to ]
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Smil'n Hawaiian wrote:
Koala Bear wrote:
What do I do with it?

Blow and hoes

Beat me to it.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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There are likely no strings attached. Neither payment to you nor your dad is a refund. You likely chose to borrow the maximum amount based on your total anticipated cost of attendance. The amounts paid to you and your dad reflect the amount the school calculated you would need above and beyond the amount actually billed by the school. If you don’t need it, use it to pay down one of the loans you and your dad took. Or save it until you are sure you don’t need it and then pay down a loan.
Last edited by: Brick: Jan 11, 18 16:45
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Re: College Question (Refund Check) [knewbike] [ In reply to ]
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knewbike wrote:
Smil'n Hawaiian wrote:
Koala Bear wrote:

What do I do with it?


Blow and hoes


Beat me to it.

Much better than just wasting it on useless crap!
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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What’s the interest rate on your loans?
And when do they start accruing?
Depending on your major and future income I’d very much consider just paying that portion right back.
Are you working for extra cash now? Do you have anything saved?



---------------------------------------
Fruit snacks are for winners
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Re: College Question (Refund Check) [Smil'n Hawaiian] [ In reply to ]
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Smil'n Hawaiian wrote:
Koala Bear wrote:

What do I do with it?


Blow and hoes

Or...Bitcoin
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Re: College Question (Refund Check) [bmeer] [ In reply to ]
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bmeer wrote:
What’s the interest rate on your loans?
And when do they start accruing?
Depending on your major and future income I’d very much consider just paying that portion right back.
Are you working for extra cash now? Do you have anything saved?
3.75 percent.
Accruing immediately.
B.S. Mech Eng, graduation May 2021
I am working, averaging 20 hours per week. Been saving to move out (plus a little extra) since July.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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If there are no dogs in Heaven, then when I die I want to go where they went. - Will Rogers

Emery's Third Coast Triathlon | Tri Wisconsin Triathlon Team | Push Endurance | GLWR
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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Sports car!
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Re: College Question (Refund Check) [sslothrop] [ In reply to ]
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sslothrop wrote:
Sports car!

Yeah, baby!!!



If there are no dogs in Heaven, then when I die I want to go where they went. - Will Rogers

Emery's Third Coast Triathlon | Tri Wisconsin Triathlon Team | Push Endurance | GLWR
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Re: College Question (Refund Check) [JSA] [ In reply to ]
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JSA wrote:
sslothrop wrote:
Sports car!


Yeah, baby!!!

Hey, a body kit is a body kit ;)
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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This is not a refund check this additional loan money. Basically they loaned you more than you needed. I would suggest paying it back now. Especially on the parent plus loan (those things are not good-- from a loan side)

Just Triing

Triathlete since 9:56:39 AM EST Aug 20, 2006.
GM employee, The views and comments posted are my own and in no way reflect those of GM. - Required legalize from employer.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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Beer.
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Re: College Question (Refund Check) [DavHamm] [ In reply to ]
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DavHamm wrote:
This is not a refund check this additional loan money. Basically they loaned you more than you needed. I would suggest paying it back now. Especially on the parent plus loan (those things are not good-- from a loan side)

This. It is the left over money after paying all your tution bills. Most students use it for daily living expenses (rent, food if you live on your own near or on campus, or gas/parking if you commute). If it were me I'd keep it in a high interest savings account for just I'm case of extra college expenses. Wait until next year to see if you can take out less loans and use this money. Or you could pay down your existing loan too (saves you on interest).

Well that's what I'd think I'd do now or recommend. But when I was your age I did use it on rent, food and bills (extra curricular activities not necessarily related to school). Lived away from home for. Couple of years, 1 in the dorms for the experience and one in an apartment with a roommate. Yeah it cost me quite a bit extra but worth the experience to in my case.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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It's because you worked too hard. Try to be lazier. I like the idea of a safe high interest account. Especially if you can find one with more than a 3.75% return.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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Koala Bear wrote:
So today I got a refund check in the mail.

What do I do with it? I have books, transportation, everything pretty much paid for? So does it have to go to something school related, or what's the deal (or the responsible) thing to do with this?

I'll be talking to my parents about it of course, but they're currently out of town, and I'll always welcome extra opinions and advice.

I'm young and relatively new to adulting, so all of the advice and teaching is appreciated :)

As someone who did it COMPLETELY wrong when I was younger, invest it or pay back your loan. Or both. Don't blow it on "stuff".

https://www.miles4matt.run/
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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The answer is obvious. Don't listen to these old fogies who say buy blow or god forbid repay your loan.

Online gambling ! Go win some satellite tournament, ,make it to the WSP in Vegas. Get to the final table and then be able to pay off all your loans. isn't that what all the kids do these days.

"I think I've cracked the code. double letters are cheaters except for perfect squares (a, d, i, p and y). So Leddy isn't a cheater... "

JasoninHalifax
Dec 1, 17 9:57
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Re: College Question (Refund Check) [Leddy] [ In reply to ]
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Leddy wrote:
The answer is obvious. Don't listen to these old fogies who say buy blow or god forbid repay your loan.

Online gambling ! Go win some satellite tournament, ,make it to the WSP in Vegas. Get to the final table and then be able to pay off all your loans. isn't that what all the kids do these days.

I'm trying to figure out when strippers and alcohol went out of style. Man I am behind the times.

We are so fucked.
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Re: College Question (Refund Check) [Koala Bear] [ In reply to ]
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Koala Bear wrote:
So today I got a refund check in the mail.

What do I do with it? I have books, transportation, everything pretty much paid for? So does it have to go to something school related, or what's the deal (or the responsible) thing to do with this?

I'll be talking to my parents about it of course, but they're currently out of town, and I'll always welcome extra opinions and advice.

I'm young and relatively new to adulting, so all of the advice and teaching is appreciated :)

Be careful. There has been cases where refunds have been in error. People spend the money and then have to return it.
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