I just received, much to my delight, my awards letter from the financial aid office. Since turning 25 I was able to apply as an independent. Meaning my broke, college imprisoned *** is considered to be below the poverty level and my parents won't be taken into consideration. The government is giving me 10k and out of it I only have to pay back 4k. School itself is only going to cost me about 5k this year also. So ... what I ask of you is: What would you do with a free 5k?
I'm thinking of going to hawaii with the SO.
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I'd put it in the bank and pay off the 4k.
Save the 1k and let it build interest... even if the average interest for a CD or MM account is crappy.
Save the 1k and let it build interest... even if the average interest for a CD or MM account is crappy.
Hookers and booze. Or hookers filled with booze. Or booze with floating hookers (like a pool with a diving board).
It does sound like a free-money situation, if the loan itself is greater than the cost of repayment. Free college plus a grand? Sweet deal.
You should probably bank it for a rainy day, earn interest on it in the meantime -- but honestly, if you've got your heart set on the trip, take it. It's better to do on free money than at some future point where you might have to leverage debt.
You should probably bank it for a rainy day, earn interest on it in the meantime -- but honestly, if you've got your heart set on the trip, take it. It's better to do on free money than at some future point where you might have to leverage debt.
Quote:
The government is giving me 10k and out of it I only have to pay back 4k. School itself is only going to cost me about 5k this year also. So ... what I ask of you is: What would you do with a free 5k?
Do you mean a free $1k, or are you planning on borrowing $4k that you don't need to? If the latter is the case, I would strongly advise against it.
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“It has always been the prerogative of children and half-wits to point out that the emperor has no clothes. But a half-wit remains a half-wit, and the emperor remains an emperor.â€
― Neil Gaiman, The Sandman, Vol. 9: The Kindly Ones
― Neil Gaiman, The Sandman, Vol. 9: The Kindly Ones
I was thinking the same things. I could pay off the loan with the grant money keeping 1k. I would only owe about 8k though after I graduate, and the intrest on student loans is minimal. So I was thinking of taking the hit and doing a vacation. Sounds like a nice gift to myself for graduation this year.
fenderputy the Shady wrote:
I was thinking the same things. I could pay off the loan with the grant money keeping 1k. I would only owe about 8k though after I graduate, and the intrest on student loans is minimal. So I was thinking of taking the hit and doing a vacation. Sounds like a nice gift to myself for graduation this year.
How about a round of annual premiums for your peeps?
I would say invest half, that way you at least have some emergency money, and then take the rest and vacation to somewhere slightly less exotic, perhaps scenic Duluth?
But seriously invest some.
But seriously invest some.
Quote:
I'd put it in the bank and pay off the 4k.
Save the 1k and let it build interest... even if the average interest for a CD or MM account is crappy.
Save the 1k and let it build interest... even if the average interest for a CD or MM account is crappy.
...
MentalFrog wrote:
Hookers and booze. Or hookers filled with booze. Or booze with floating hookers (like a pool with a diving board).
fenderputy the Shady wrote:
I'm thinking of going to hawaii with the SO.
I think you should take the trip and propose; why not?
~Blix
The Glorious BlixofFenrir wrote:
I think you should take the trip and propose; why not?
Ummm ... actually I would marry this girl and plan on doing so somtime in the future.
Edited: cause typing pwns me.
Edited, Thu Nov 3 17:16:01 2005 by fenderputy
fenderputy the Drunk wrote:
Ummm ... actually I would marry this girl and plan on doing do somtime in the future.
Do the do!
I suggest getting that surgery you've been talking about.
fenderputy the Shady wrote:
The Glorious BlixofFenrir wrote:
I think you should take the trip and propose; why not?
Ummm ... actually I would marry this girl and plan on doing so sometime in the future.
Edited: cause typing powns me.
Edited, Thu Nov 3 17:15:24 2005 by fenderputy
Well, this seems like an awesome opportunity that you shouldn't pass up. It will probably be a year or two before you have an incredible chance like this again.
I don't mean to push you unless a staircase is involved, I do so love the sound of someone falling down stairs, but it's going to be something really memorable!
~Blix
EDIT: Repetition
Edited, Thu Nov 3 17:24:30 2005 by BlixofFenrir
Buy a seat in the nexr world poker tour for five grand and win a million.
Then you can dump the chick and buy as many as you want in Vegas baby!
Then you can dump the chick and buy as many as you want in Vegas baby!
AegisGoat wrote:
Buy a seat in the nexr world poker tour for five grand and win a million.
Then you can dump the chick and buy as many as you want in Vegas baby!
Then you can dump the chick and buy as many as you want in Vegas baby!
Why would he want 1 million dollars worth of disease?
~Blix
AngstyCoder wrote:
I say you give it to me who cannot get grants and has nothing but loans, since my taxes are paying for your selfish *** to go to school. Why not go take welfare so youcan live an easier life and ***** your fellow taxpayer while you're at it?
Angsty, nicotine withdrawal lashout perchance?
Be careful of things that look to good to be true, they usually are meant for someone else.
Redyne wrote:
Be careful of things that look to good to be true, they usually are meant for someone else.
Someone thinks the glass is half full.
fenderputy the Shady wrote:
Redyne wrote:
Be careful of things that look to good to be true, they usually are meant for someone else.
Someone thinks the glass is half full.
That would be half empty.
~Blix
I would use the money to pay down debt, It will work out better for you than investing it in the long run. Few safe investments will pan out quicker than eliminating interest from debt.
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fenderputy the Shady wrote:
I was thinking the same things. I could pay off the loan with the grant money keeping 1k. I would only owe about 8k though after I graduate, and the intrest on student loans is minimal. So I was thinking of taking the hit and doing a vacation. Sounds like a nice gift to myself for graduation this year.
8K is about the debt I had, and the payments are a little under $200 a month. Keep that in mind and you'll see that saving yourself some interest and payments has its up side.
AngstyCoder wrote:
I say you give it to me who cannot get grants and has nothing but loans, since my taxes are paying for your selfish *** to go to school. Why not go take welfare so youcan live an easier life and ***** your fellow taxpayer while you're at it?
Angsty, did you even read his post? The money is coming from loans, you dolt. Apparently, your taxes are paying for both your selfish asses.
Edited, Fri Nov 4 08:55:12 2005 by Atomicflea
Ya know, higher education is one of the things I'm actually WILLING to pay higher taxes for. I find that to be odd as I don't approve of my tax money going to:
welfare
medicare
social security
housing
About the only thing our government spends lots of money on that I genuinely approve unreservedly is the Dept. of Big Fu[/i]cking Guns. anything else can go rot, unless it's a textbook, in which case I suppose you have my support.
welfare
medicare
social security
housing
About the only thing our government spends lots of money on that I genuinely approve unreservedly is the Dept. of Big Fu[/i]cking Guns. anything else can go rot, unless it's a textbook, in which case I suppose you have my support.
fenderputy wrote:
The government is giving me 10k and out of it I only have to pay back 4k. School itself is only going to cost me about 5k this year also. So ... what I ask of you is: What would you do with a free 5k?
I understand this much, but...
fenderputy wrote:
I could pay off the loan with the grant money keeping 1k. I would only owe about 8k though after I graduate, and the intrest on student loans is minimal.
Now I'm confused. I was trying to figure this out yesterday and it just doesn't add up. If you are getting 10k in grant money, then why would you owe anything? Someone help!!
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