Advice from a second term student: Tuition + Credit Card Bonuses

[MBPB]

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I am a second term DPT student. I thought I would share my little advice for how to make a little bit back on your tuition payments if your school allows it.

To start off, my credit score is pretty good. Because of this and that I work part time while in school, I am able to get approved for most credit cards. I get alot of email offers or notice them for huge introductory offers. These offers usually are along the lines of "if you spend $2000 with this card in the first x number of months, we will give you $500-750 cash back"

My school does not charge us a fee to use credit cards to pay tuition. So, every term, I apply for 3 or 4 of these cards and then pay my tuition with them right before my loans are disbursed. I then get my loans in the form of a refund to my bank and pay off my cards within 30 days of making the payment.

This term I will be receiving over $1500 cash back from my tuition payments. I know money is tight for us while we are in school, but this is an easy way to make a little extra back for personal use or to pay back some loans while in school.

Thanks for reading!

 

[biscuit007]

I am a second term DPT student. I thought I would share my little advice for how to make a little bit back on your tuition payments if your school allows it.

To start off, my credit score is pretty good. Because of this and that I work part time while in school, I am able to get approved for most credit cards. I get alot of email offers or notice them for huge introductory offers. These offers usually are along the lines of "if you spend $2000 with this card in the first x number of months, we will give you $500-750 cash back"

My school does not charge us a fee to use credit cards to pay tuition. So, every term, I apply for 3 or 4 of these cards and then pay my tuition with them right before my loans are disbursed. I then get my loans in the form of a refund to my bank and pay off my cards within 30 days of making the payment.

This term I will be receiving over $1500 cash back from my tuition payments. I know money is tight for us while we are in school, but this is an easy way to make a little extra back for personal use or to pay back some loans while in school.

Thanks for reading!

This is cool! How do you have enough money to pay back all of your cards though?

 

[ohhihello]

Just wondering if opening up this many credit lines has had any impact on your score? Just applying for new credit that often I feel could lower it but obviously you’re paying everything off quite quickly and then as long as you aren’t really using them the total % of credit available your using decreases so maybe it’s even gone up. Has your score changed significantly? Also what is your plan for these cards once you use them for tuition, closing them in a few years or just never using them? Thanks for the advice!

 

[MBPB]

Just wondering if opening up this many credit lines has had any impact on your score? Just applying for new credit that often I feel could lower it but obviously you’re paying everything off quite quickly and then as long as you aren’t really using them the total % of credit available your using decreases so maybe it’s even gone up. Has your score changed significantly? Also what is your plan for these cards once you use them for tuition, closing them in a few years or just never using them? Thanks for the advice!

I was actually worried about that myself when I started doing it. They are hard pulls on your credit, so they show up, but my score took a 10 point dip for a month when I opened 3 new cards in October and went right back up the following month. They seem not to have much impact on the long run as it turns out. My score is roughly the same as before. I attached my credit score history graph.

I have an excel sheet in which I keep track of what I need to do to hit the bonuses and other offers I'm going after. I store my cards at my house in a secure box and don't really use them much after that. I tend to close a few after I get over 10. I keep 0 balance on all my cards at all times. I would keep your oldest cards open, however, so that it keep the average age of your credit accounts higher. I just use whichever card gives me the most points for my personal use.

Also, disclaimer, this post is for use by responsible people only. The reason companies offer these promotions is because alot of people have trouble managing their credit accounts and let them fall into delinquency. Only attempt this is you feel solid about how you handle your finances and just want to make some extra money back. I think of it as my personal scholarship.

 

[MBPB]

This is cool! How do you have enough money to pay back all of your cards though?

I pay my tuition with them so my account balance at my school becomes 0. When I have a 0 account balance, instead of applying my loans to my school account, my sends me a refund direct deposit instead. I then pay off my credit cards before they have earned any interest. It's basically using your loans, but instead, you get 10-20% of the money back that you spent from the credit cards. It's all about timing though.

 

[dptlee]

I pay my tuition with them so my account balance at my school becomes 0. When I have a 0 account balance, instead of applying my loans to my school account, my sends me a refund direct deposit instead. I then pay off my credit cards before they have earned any interest. It's basically using your loans, but instead, you get 10-20% of the money back that you spent from the credit cards. It's all about timing though.

Hi I saw that you were at USA. I'm starting there soon and am worried about how long it takes for them to disburse their loans. Does it actually get refunded to you about 2 weeks after school starts?

 

[MBPB]

Hi I saw that you were at USA. I'm starting there soon and am worried about how long it takes for them to disburse their loans. Does it actually get refunded to you about 2 weeks after school starts?

Usually 2-3 weeks after the term starts, from my experience. They are kind of slow to be honest.

 

[dptlee]

Usually 2-3 weeks after the term starts, from my experience. They are kind of slow to be honest.

okay. Thanks!

 

[dptlee]

Usually 2-3 weeks after the term starts, from my experience. They are kind of slow to be honest.

Did you end up having to buy the books and equipment listed on the required books? or did profs end up just saying they were more of a guide for the books?

 

[MBPB]

Did you end up having to buy the books and equipment listed on the required books? or did profs end up just saying they were more of a guide for the books?

I have bought I think 2 or 3 books through 3 terms and I have recently switched to just finding PDF's online which seems to be the best option in my opinion. The questions are from the books but they give adequate resources to the point I don't think they are necessary.

 

[MBPB]

Did you end up having to buy the books and equipment listed on the required books? or did profs end up just saying they were more of a guide for the books?

Or I go to the library and rent one for a few hours if I absolutely need a text for some reason.

 

[MBPB]

okay. Thanks!

Ya so if you are trying to get sign up bonuses from cards by paying tuition with them, I would recommend waiting until a few days before classes start to do it just so you have enough time between statements.