after the loan disbursement

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Specializes in Critical Care, Emergency.

hey all, i just found out today that i was approved for my loan and disbursement will be sometime around august 1st.. it's a rather large amount and i was just wondering what others have done with this money. should i add it to my checking account? or put it into a savings account to help offset my apr? i may run into a problem when i file next yr should i have to claim it.. or just cash it and keep a fat wad of rolled-up hundreds in my pocket? :lol2: "why yes, it IS a large wad of money in my pants" - (bad humor, i know)

a friend also just told me i should put it into a money market, make interest, and withdraw as needed-

anyway, your thoughts appreciated

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So you’re not just happy to post here?……. I heard the best answer to your question from a classmate. He calculated out what he would need for the monthly crap with a cushion of coorifice then took the rest and put it into an high yield CD for 6 or 10 or…. Months. He estimated the money would earn him enough to pay for the interest on the loan for the year. Just a thought.

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hey all, i just found out today that i was approved for my loan and disbursement will be sometime around august 1st.. it's a rather large amount and i was just wondering what others have done with this money. should i add it to my checking account? or put it into a savings account to help offset my apr? i may run into a problem when i file next yr should i have to claim it.. or just cash it and keep a fat wad of rolled-up hundreds in my pocket? :lol2: "why yes, it IS a large wad of money in my pants" - (bad humor, i know)

a friend also just told me i should put it into a money market, make interest, and withdraw as needed-

anyway, your thoughts appreciated

I sat down with a financial dude and we worked out the numbers for money market vs. CD, and I opted for the money market............Put all money in there and withdraw per month what is needed and put in checking account!!!

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Specializes in Critical Care, Emergency.

thanx for the info.. will continue to do research - have heard that an online savings acct/cd combo can get me as much as 5%/5.35% at emmigrantdirect.com - ever hear of this place?

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I heard positive things about emmigrantdirect through Suze Orman (the financial adviser on CNBC). Love her show :)

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I put half of it in a 6 month CD-- that way I couldn't touch it and wouldn't be attempted to spend it!!!

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I'm doing a combination of he two. Most of the money is going to sit in CD's, and some will be in a money market.

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Vegas.

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