To all nursing student with loans:

  1. What do you do with your refund check, if you get one?

    I took out of my first big loan for nursing school this fall and now I have this refund check from the school. I was extremely blessed to go to college on a full scholarship, so I never had to worry about loans before. Now that I have this one loan to use for my nursing school (9 month AASN, so it wasn't huge, but a nice chunk) I'm not sure what to do with it.

    I know this sounds silly but I'm torn between sending it back and using it for myself. By sending it back, it'll be 1/5 less that I have to pay back, which is good. But at the same time I've been in a school a month and have spent $150+ on nursing book supplements (Incredibly Easy, Fundamental Success, etc). I've seen people take their refund checks and go shopping at the mall, but also use it for groceries.

    I'm just curious as to what other nursing students do with refund checks after financial aid has taken their share. Do you spend it on supplies, do you get yourself something nice, groceries?
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  2. 28 Comments

  3. by   Lisa CCU RN
    I've done all of the above.
  4. by   Monica D
    I live 45 minutes away from my school and own a Trailblazer EXT. I bought myself a small, very used but good car to drive to school and save gas and mileage on my Trailblazer.
  5. by   RainDreamer
    With those kinds of interest rates, it isn't worth it!

    Use what you need for books, school supplies, etc. Use what you need for school, but ask yourself if you truly need it or not. Send the rest back. Once those loan payments come due, you'll be thankful you sent it back. Trust me!
  6. by   AprilRNhere
    I paid ahead of larger bills, (mortgage, vehicle loans, stocked my house with groceries)

    That way...if I hit a rough patch, I could easily skip payments..and I always had at least frozen foods, and non perishables.
  7. by   justme1972
    If it's 1/5 of a student loan that is pretty significant.

    I would send it back..b/c the interest is probably accruing on that check as it sits in your hand.

    Think about what your payments will be a month, and divide that into the check amount, and that is how many months you'll pay off your loan early.

    Be SMART...don't forget that it's a loan, and not a gift.
  8. by   future L&Dnurse
    mine go into their very own account, where they wait to be used for childcare, books, and other school expenses. Pretty much every dime is spoken for the second I get the check, so that's what I do.

    If you don't NEED the money, though, I would probably pay back now what you can. Might as well avoid the interest.
  9. by   Miss Chybil RN
    The money is to be used to help support you while you get your education. This can be for groceries, rent, utilities, insurance, childcare - or, for supplies like computers, books, uniforms, etc.. If you need it, use it. If you don't, send it back.
  10. by   Soup Turtle
    I use it to stock up on things I won't be able to afford to buy when I'm working 0-8 hours a week. I've bought everything from clothes and shoes to LOTS of laundry soap and toilet paper.
  11. by   Ms Kylee
    What's a refund check? I've never gotten any of those...
  12. by   laurainri
    when I first started getting student loans I used them to pay bills that were piling up because I went from full-time to part time. By the 3rd semester of that I learned to be poor again, dropped my car payment and had a wad of cash that I ended up taking a cruise with. Which in my opinion is much needed. I graduate this december and I ended up taking out another loan just in case, but as of right now I should be all set with $ till then and I ended up booking another cruise for graduation. In my state if you work 20hr/week they give you 0% interest for the 1st four years and every year of those 4 years you have a $1000 forgiveness. not too bad
  13. by   Gauge
    Think of it this way. Most hospitals have a loan repayment program for nurses that work there. If you "scrimp" by over the course of your education and then get to the hospital and realize you could have taken out a few thousand to help you out so you didn't have to worry about bills all the time how would you feel? I'm pretty much in the same boat as you and thus far I haven't taken out any loans. My wife and I barely get by, but believe me, I have no problem taking out a few thousand in loans because I know more than likely the hospital I go to work for will pay it off.
  14. by   RainDreamer
    And remember if you do the loan repayment thing it usually requires a 1-3 year contract (depending on the hospital and how much they pay back). That's a great idea if you plan on finding a great hospital that you like and don't plan on moving during that time.

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