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Financial Aid / Tell me if I'm crazy for doing this...
« on: June 19, 2006, 05:07:35 PM »
Sooooo, say I have this "friend," see, who is going to school part-time and it costs $26K per year (payable semesterly, in 2 lump sums), so that's $13K in August and another $13K in January (or whatever).
She qualified for the max in subisidized ($8.5K/yr) and unsub ($10K/yr) fed loans and has a private zero-interest loan (benefactor-ish) for total tuition and room and board and such.
Even though she has the benefactor, she's thinking of putting the $13K on a credit card and paying it off the next day (before interest is charged) with the benefactor's money to earn a shitload of points to play with.
She is also thinking of taking all of the $8.5K of sub. loans (none of the unsub) and investing it in CDs or savings acct and letting it sit (earning 4.75%) until the first payment is due (after law school), thusly not having to pay interest there either.
Anything wrong with her logic or financial aid understanding?
She qualified for the max in subisidized ($8.5K/yr) and unsub ($10K/yr) fed loans and has a private zero-interest loan (benefactor-ish) for total tuition and room and board and such.
Even though she has the benefactor, she's thinking of putting the $13K on a credit card and paying it off the next day (before interest is charged) with the benefactor's money to earn a shitload of points to play with.
She is also thinking of taking all of the $8.5K of sub. loans (none of the unsub) and investing it in CDs or savings acct and letting it sit (earning 4.75%) until the first payment is due (after law school), thusly not having to pay interest there either.
Anything wrong with her logic or financial aid understanding?
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