I am a graduate student, paying a boat load for graduate school. I will have atleast an additional 5 to 10 thousand dollars in excess of what I need for school. I am trying to organize my life so I am ready for the post grad school drop off in finances... any suggestions?
2007-06-10 23:34:27 · 3 answers · asked by nobody important 1 in Business & Finance ➔ Personal Finance
First of all -- the SMART Thing to do is to NOT use (at all -- ever!) any 'extra' (or over the barest minimum that you need) in student loan money -- remember that if you do NOT use the loan money, then you will NOT owe the money at the time you finish graduate school.
Just because you have been approved for loans at $xx,xxx.xx does NOT mean you have to spend it all. That would definitely be FOOLISH. Think of it this way ... that UNUSUED loan approval is something that is POSITIVE to your financial situation ... you will NOT be carrying it in the balance you have (for loans outstanding), you will NOT have to pay interest on it, nor will you have to make a larger payment at the time when you are first going out into the world.
That alone would make it quite the relief -- and be the most sensible of the alternatives. So ... please ... do NOT use any balance above what you are absolutely (barely) needing. YOU and your financial health will be much less stressed in the long run.
2007-06-10 23:52:04 · answer #1 · answered by sglmom 7 · 0⤊ 0⤋
Don't spend it! Contact your loan office and tell them that you have an excess you don't need. Why pay interest on money not used for school? Use your degree and get a job....isn't that what you went to school for anyway?
2007-06-11 06:42:33 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Errr.... it's a LOAN... you have to pay it back... why would you want to spend more than you had to knowing you'll have to find the money to give it back anyway?
2007-06-11 06:40:37 · answer #3 · answered by Anonymous · 1⤊ 0⤋