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+--- Thread: Student Loan Refunds (/Thread-Student-Loan-Refunds)
Student Loan Refunds - corpsole2 - 06-26-2015
Two years ago I got a substantial student loan refund when I had to pay for two TESC courses for my degree. Although I caution anyone about taking on more debt than they could handle, it was nice to have it in my savings account.
Now, it appears that I might get another substantial student loan refund for my MBA program. This time, I plan on using it to supplement my MBA by earning a professional certification. So I guess it is spent as an investment, rather than on buying a car.
How do you guys spend your student loan refunds, if I might ask?
Student Loan Refunds - videogamesrock - 06-26-2015
I live off of them while my regular income goes into a savings account until I can buy another investment property. In fact, we are closing on one today. So I would say returning to school for this alone has been beneficial on my income.
Student Loan Refunds - clep3705 - 06-26-2015
How about taking the refund and paying down your loan balance now?
Student Loan Refunds - corpsole2 - 06-26-2015
I have considered that, but I figure that if I gain an income certification it will pay me back many times over.
Student Loan Refunds - cookderosa - 06-26-2015
corpsole2 Wrote:Two years ago I got a substantial student loan refund when I had to pay for two TESC courses for my degree. Although I caution anyone about taking on more debt than they could handle, it was nice to have it in my savings account.
Now, it appears that I might get another substantial student loan refund for my MBA program. This time, I plan on using it to supplement my MBA by earning a professional certification. So I guess it is spent as an investment, rather than on buying a car.
How do you guys spend your student loan refunds, if I might ask?
My husband has a small student loan for his MBA. I believe it was $6,000ish, which he got almost entirely back because his company pays 90% and we will pay 10%- so on the first disbursement I think our share due was only like $400. It's sitting in savings to be used every time "our 10%" comes due. Anything leftover will go toward repaying the loan.
FWIW- 100% of what you prepay on a student loan goes toward principal. Most student loans are structured in a way that you have a VERY HARD time getting any of the principal once you go into repayment, so even those 6 month grace periods are the best time to repay.
I have a student loan that I took out for my master's degree. My loan amount was $4900. I have made 100% of my payments on time since it first started being due. My payments are $52 and that's exactly what I pay. This month was my 12th payment, and my principal balance is now over $5500. Yes- you read that correctly.
Student Loan Refunds - clep3705 - 06-27-2015
Many financial planners say that if you have $1,000 in savings, you can't consider it savings if you $1,000 in loans.
Dave Ramsey DAVE RAMSEY: Buy a cheaper car, pay off student loan - Daily Journal
Suze Orman Debt vs. debt: Which loans do I pay off first? - Money - TODAY.com
Andres Tobias - read this one carefully. You could read into it that he is saying not to pay off student loans. But that applies only if you are safely and securely earning more after tax return than the interest rate on your loans - which you (not any poster specifically, you generically) are almost certainly not doing. Pay Off Student Loan? | Andrew Tobias
Student Loan Refunds - videogamesrock - 06-29-2015
How many years do you have to pay off the student loans?
Student Loan Refunds - Prloko - 06-30-2015
Usually 10 years, unless under certain circumstances, you can extend it.
Student Loan Refunds - Lyons9645 - 06-30-2015
What is a "student loan refund"?
Student Loan Refunds - clep3705 - 06-30-2015
A student loan refund is when the cost of school is less than the amount of the loan. For example, the student qualifies for a $5,000 student loan which is paid out to the school. The student incurs $4,200 of expenses for tuition, fees, and books. The school refunds the $800 to the student to spend on living expenses, food, vacations, or whatever the student chooses.
Avoid These Common Mistakes Made with Student Loan Refund Checks - Forbes