Today we received my wife’s last student loan check for her education; she finally finishes school in May. Hooray! It is for quite a bit more than the tuition, leaving us with a few thousand bucks to “play” with. My thoughts on this are as follows:
Since the loan does not start accruing interest until a few months AFTER she graduates, we are not losing anything by keeping the money instead of just depositing the check and sending a big payment to the overall student loan debt. Of course, the ideal thing would be to just send it to our credit card which has about the exact same balance on it, but it is at 0% interest until June 2007. Then we could then look at our overall financial record and see that there is NO credit card debt on any card, and the only thing we owe on are cars and her student loan.
So…..any thoughts on this? Would you keep the money and earn some interest on it? Would you pay off the balance of the 0% credit card? Or would you just cash the check and send a big payment to the student loan, using their own money to pay back what they loaned you?
Decisions, decisions. This check is just sitting here begging me to go pick up a plasma TV, but of course I know better. Or do I? 😉 Kidding…