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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?
A.A. General Studies- TESC, 2013
B.A. History, TESC, 2014 - Arnold Fletcher Award - 4.0 GPA
M.A. Government, Security Studies - Johns Hopkins University, Class of 2018.
Straighterline - 26 courses, including English Comp. I & II, Western Civilization I & II, U.S. History I & II, Intro. to Sociology, Intro to Philosophy, Cultural Anthropology, Environmental Science, Science of Nutrition, Business Law, Financial Accounting, etc.
ALEKS: Intermediate Algebra
CLEP: Humanities 56, Social Sciences and History 58
FEMA: 6 credits
DSST: Civil War and Reconstruction 71, Introduction to Vietnam War 69, Rise and Fall of the Soviet Union 64, Modern Middle East 71.
TESC courses: War and American Society (A), Liberal Arts Capstone (A).
120/120! I'm there!
"Another day has passed and I didn't use Algebra once."
" Great spirits have always encountered violent opposition from mediocre minds." Albert Einstein
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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.
MA in progress
Certificate in the Study of Capitalism - University of Arkansas
BS, Business Administration - Ashworth College
Certificates in Accounting & Finance
BA, Regents Bachelor of Arts - West Virginia University
AAS & AGS
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How about taking the refund and paying down your loan balance now?
63 CLEP Sociology
75 CLEP U.S. History II
63 CLEP College Algebra
70 CLEP Analyzing and Interpreting Literature
68 DSST Technical Writing
72 CLEP U.S. History I
77 CLEP College Mathematics
470 DSST Statistics
53 CLEP College Composition
73 CLEP Biology
54 CLEP Chemistry
77 CLEP Information Systems and Computer Applications
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I have considered that, but I figure that if I gain an income certification it will pay me back many times over.
A.A. General Studies- TESC, 2013
B.A. History, TESC, 2014 - Arnold Fletcher Award - 4.0 GPA
M.A. Government, Security Studies - Johns Hopkins University, Class of 2018.
Straighterline - 26 courses, including English Comp. I & II, Western Civilization I & II, U.S. History I & II, Intro. to Sociology, Intro to Philosophy, Cultural Anthropology, Environmental Science, Science of Nutrition, Business Law, Financial Accounting, etc.
ALEKS: Intermediate Algebra
CLEP: Humanities 56, Social Sciences and History 58
FEMA: 6 credits
DSST: Civil War and Reconstruction 71, Introduction to Vietnam War 69, Rise and Fall of the Soviet Union 64, Modern Middle East 71.
TESC courses: War and American Society (A), Liberal Arts Capstone (A).
120/120! I'm there!
"Another day has passed and I didn't use Algebra once."
" Great spirits have always encountered violent opposition from mediocre minds." Albert Einstein
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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.
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06-27-2015, 08:15 AM
(This post was last modified: 06-27-2015, 08:37 PM by clep3705.)
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
63 CLEP Sociology
75 CLEP U.S. History II
63 CLEP College Algebra
70 CLEP Analyzing and Interpreting Literature
68 DSST Technical Writing
72 CLEP U.S. History I
77 CLEP College Mathematics
470 DSST Statistics
53 CLEP College Composition
73 CLEP Biology
54 CLEP Chemistry
77 CLEP Information Systems and Computer Applications
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How many years do you have to pay off the student loans?
MA in progress
Certificate in the Study of Capitalism - University of Arkansas
BS, Business Administration - Ashworth College
Certificates in Accounting & Finance
BA, Regents Bachelor of Arts - West Virginia University
AAS & AGS
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Usually 10 years, unless under certain circumstances, you can extend it.
CLEPS Passed: 10 DSST Passed: 11 TECEPS: 1
PrLoko-isms
Don't waste time by trying to save time. The only sure way to complete your degree is to knock out credits quickly and efficiently.
Don't let easiness bite you in the rear. Know your endgame (where you want to be) and plan backward from there. Your education is a means to an end.
Be honest professionally, socially and academically. There are people (especially little ones) who look up to you and they're going by your example.
Be proud. Whether you're an Engineer or Fast Food worker, there is honor and dignity in hard work.
Picking on people weaker than you only proves that you are a weak person.
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What is a "student loan refund"?
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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
63 CLEP Sociology
75 CLEP U.S. History II
63 CLEP College Algebra
70 CLEP Analyzing and Interpreting Literature
68 DSST Technical Writing
72 CLEP U.S. History I
77 CLEP College Mathematics
470 DSST Statistics
53 CLEP College Composition
73 CLEP Biology
54 CLEP Chemistry
77 CLEP Information Systems and Computer Applications
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