FA Refund into Savings/Bank?

Paying for College
1

My refund this coming Fall semester, once tuition/fees/books are paid, will be $5500.
Last Spring, my refund was $4070, and I also had my tax return refund of $1700 in February.

I was working during school, and every day for almost two weeks, I’d take out $450 dollars from my
Bluebird account that all of my refunds are direct deposited into, so that it wasn’t being mixed up with my direct deposits from work.

August arrives in a couple days, and my refund arrives mid-August.
I’m in need of GOOD ideas, BETTER ideas than my withdrawal method from last semester, for how to
properly guard this money.
Money market accounts? Laddered CD’s? Investing? (Don’t say gambling. I’ve had friends suffer greatly from that.
Plus, it’s illegal.)

Since some of my refunded amounts are from student loans, I contacted my loan servicer and made the interest payments towards my Unsub balance. I’d like to continue doing that every couple months. I actively monitor these things.

So bring them on! Ideas, possibilities…whatever you all feel would be appropriate.
I honestly can’t wait to hear all the straight-laced comments like:
“If you don’t need the loans, don’t take them!”
“You’re gonna have to pay it all back, anyway, so what you do with it is pointless.”
And similar and so forth…

Someone out there is NOT a parent instructing their kids to avoid debt by living without student loans, toughing it out, and working to pay their way through life semester by semester for however long it’ll take them to complete and receive their hard earned degree in (insert mundane and typical profession/school of degree here). Be proud!

School’s a joke. I’m simply attending because I filed bankruptcy pro se when I didn’t have to and the loans (so long as I can retain or find opportunities with the government-issued refunds) and their respective balances are going to be major factors in playing the long game of re-establishing my credit come seven years from now, even though most lenders look past it after 4 or 5 if you’re working on your score building.
I’m on the Chancellor’s List and have been since I started last year, and not intending on getting dropped from it.
I’m Honors, and I’ll be honored to have your great ideas and nuggets of wisdom!

GIGGA MAGGIE!

2

Do you mean you took out a loan and over-estimated your costs, so you didn’t need the money for college? And this has happened twice in two years?

I would say use it to pay off your loan, perhaps a little at a time. You might want to consult with a professional about how to best improve your credit rating.

3

I accepted everything the FA office awarded me. I take 12 credit hours. I get a refund. My refund this semester is $5500.
I pay my rent with work money. I donate plasma for any car gas and food money that’s outside my budget.
I live alone.
I sleep alone.
I am Wolf.
I am Jack’s Nickel-Son.
Wolf.
Woof.

4

Well you don’t act very mature. If you want to re-establish credit you could just get a secured credit card and pay it off every month. Why take out student loans and pay interest when you don’t have to?

Also I don’t think paying on student loans improves your credit rating yet until you’re actually required to pay them back, and even then they want to see that you can make your payments on a timely basis over a certain span of time.

But I might be wrong.

Don’t you have to sign somewhere on the student loan documents that you intend to use the money for educational purposes? If you don’t need the refund to live off while going to school, save it for next year’s tuition.

5

I LIKE YOUR POINTS MOMMDC!!!
GIGGA!

6

What the heck?!