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Wasting extra Fiancial Aid money on stuff
13372 cr points
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21 / M
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Posted 8/30/14

jfd492 wrote:

haven't gone to college yet, but i'm planning to. does this financial aid money need to be paid back?


Grants and scholarships are free money so you don't have to pay that back. Loans are the ones you'll have to pay back.
85263 cr points
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27 / M / Louisville, KY
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Posted 8/30/14 , edited 8/30/14
Taking out extra loans to buy ANYTHING that isn't needed immediately at that time is completely stupid. Let's say you were to buy a PS4 for like $400, by the time you pay that loan off that PS4 would have cost you over $2000 with inflation and interest. We all know college students always put their loans on 10+ year payments instead of paying it off immediately. Also, don't spend any more than you have to because your loans are not infinite, you will run out and when you do they won't care and will still want their money. Unless you're good enough to invest the money and make more than the interest would cost on it then just do not borrow it.
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21 / M
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Posted 8/30/14

emanny-chan2713 wrote:


TheGreatHoneyBun wrote:

I actually took a federal loan because of books, food, traveling costs (since I'm off campus) etc. Grants covered all tuition and I got a little extra back. I'll probably save up my money to take summer classes.


Hopefully your loan isnt much. If you have a job u can bring in some money to save up for summer classes, future semesters, food, and anything you like... If you don't then I recommend searching for an on campus job. That would help too.

I've been fortunate enough to not take out a loan yet or ask my parents for help. I have an on campus job and racked up a lot of money this summer where I bought my own books and other stuff.

Anyways good luck and I hope you enjoy college/university


I applied for on campus jobs and now I play the waiting game
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29 / F / California
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Posted 8/31/14
I took out a bunch of loans for undergrad and it's really hurting now. Grad school tuition is going to be covered by work study and Cal Grants because I'm so poor, so I should only have to take out small loans for rent and food in the next couple of years.

There won't be any leftovers to blow on anything other than bare necessities.
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21 / F / Los Angeles
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Posted 8/31/14
I plan on saving every single penny for the next 2-3 years. That crap backfires fast
Yang08 
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26 / F / United States
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Posted 8/31/14
I was saving it but I ended up buying a beater to replace my car that had burned up. Needed a car to get to school at the time.

Ford F-150. Loved that truck even there were holes everywhere and the doors were falling off...had to sell it though and replace it with a car with less issues.
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25 / M / West-Central Florida
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Posted 8/31/14
I bought a large television. I was stupid/ignorant then (still am, but in a different way), but luckily it still works like new today.
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22 / M / Los Angeles
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Posted 8/31/14 , edited 8/31/14
I wish I qualified for financial aid. I do know a friend who spent leftover money on clothes though.
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28
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Posted 9/12/14
Ahahahaha what extra money? I still owed every semester.
Posted 9/12/14
I never use financial aid, I use my GI Bill. I did use some to spend on random stuff but I save most of it. With today's economy still tanker it's good to have a cushion to fall back on.
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27 / M / Seattle
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Posted 9/12/14
I always figured that that extra money was necessary to keep me sane while I studied. I have to pay it all back in the end anyways...so it is stupid to spend...but I have been nearly stress free since I can maintain hobbies and pursue other interests. I have a friend that did a similar thing and he put nearly 70% of his paychecks after school into paying back school loans, and it worked out for him, he got it all paid off within a few years....so i know that I can do the same thing if I were to try.
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33 / M
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Posted 9/12/14
yolo, use it on all the fast food you can handle. McChickens and Chocolate Frosty's erryday, brah
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26 / M / on your lap, purring
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Posted 9/12/14 , edited 9/13/14
I see that my tax dollars are being well spent.
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27 / M / Seattle
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Posted 9/12/14

I see that my tax dollars are being well spent.


At least its not just your tax money. It is my tax money too xD
Sailor Candy Moderator
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28
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Posted 9/12/14
Saved it ^,^ just in case for the future~
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