What does your character say about you? What does it say about your finances? So often what we spend, what we save, and what we owe are reflections of who we are personally. When students receive financial aid refunds, how they proceed with large amounts of funds can lead to either long-term financial advantage or disadvantage.
Often, the refund includes grant, scholarship, and loan amounts after tuition and fees have been paid. While grant and scholarship funds do not require repayment, loans do. Subsidized loans withhold interest until after graduation, while unsubsidized loans begin compounding interest upon receiving funds. So what should students do with all of that refund money?
Students who think in short-term sense will feel like they have plenty of time to repay back loans, so spending a little (or a lot) on oneself now cannot be so bad. Students who think in the long-term sense will feel like they should prioritize spending habits. Maybe they should save some for potential hard times, or pay rent through the semester, or save for the next semester's expenses.
The latter option can lead to another choice that some students may not know. Just because a student is eligible for aid doesn't mean they have to accept it. Students get award letters or statements revealing the grants, scholarships, or loans they have applied for, or qualified for, and received. There is the option to accept portions as well as reject portions. So by saving some money, students may not need the money they are awarded, which means that if student loans are rejected in following semesters, students will have less to repay.
When it comes to money, moderation must be exercised. Students may need new clothes or professional attire for events, but that doesn't mean "overspend." Students may need a new computer, but maybe not the most expensive one. Some students may need a car, but necessity should say one needs a "work-school-home" car, not the absolute latest car with every amenity and bonus feature. Instead of pursuing lavishness, build emergency savings in the event that eligibility changes for one's scholarship or grant, grades slip below requirements, that student falls ill, etc. That's showing financial common sense, and great financial character.
I hope this post helps you in your academic pursuits. Be blessed!
Well, it is that time of the semester. Yes, it is time for Final Exams. For some, this is just another test to cement their A+ grade already obtained throughout the term. For others, this last examination can make or break the passing grade. Students feel pressured to do well. But instead of feeling pressured, maybe they can feel motivated. Here are a few suggestions:
College is a place of higher learning, where students attend courses in the pursuit of a career. College is also the place where people meet and become friends, or build connections and networks that last years beyond completion. In the effort of enjoying the new atmosphere, students can easily lose sight of why they are there. So many events take place that can control a student’s time, leaving very little for the academics. I know that some students attend school for athletic reasons or because they were awarded scholarships for arts and music. Sometimes, their extracurricular activities are included in their curriculum. Nevertheless, students must establish priorities early and continue them throughout their time in college.
I remember attending many social events on campus—movie nights, parties, cultural events, and there was even a Spades tournament where my friend and I won second place. I can also recall the numerous events I missed. Because I worked part-time and had a rigorous course schedule, I had to learn to balance my social life with my academics. With each year, I found myself more and more busy with school work. By the time I started attending clinical education for my major (Radiologic Sciences), my friends barely saw me. They knew that every semester for 7 weeks (either the first half or second half of the semester) I was unavailable. Between courses on campus, clinical education, and my job, spending time with friends on or off campus was impossible.
My overall point: Remember why you are there. You chose to attend that college or university hopefully because of a combination of the following reasons:
Some key points to consider: