advice please

[jesse14]

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Helllo all,
I am a curent undergrad who is taking out student loans for school, but my parents have said they will pay for the rest of my undergrad (1 more year) and not my med school. I have $2000 that my loan company has given me that i dont need b/c my parents coverd my tuition. I have to choices.
1) i can give the 2000 back and re-apply for loans in med school OR
2) i can keep the 2000, put it away and let it accumulate interest over the next 5 or so years and then pay back my loans with that money too.
I can also still apply for loans and use the money i get from them and put them right into a GIC with the 2000 and let it grow interest.

should i not even take the money for the next year and a half of undergard and not be the extra money in the hole or should i continue to get loans and put them right into a GIC so when im all done school i'll have more debt, but also more money (from interest) to pay the debt off? Whats the better coice......less debt or more debt but more money to pay it off with??

anyone have any comments??

 

[mpp]

Whatever you're more comfortable with and depending if you can earn more interest on the money then the interest accrued by the loan. If the $2000 is subsidized (i.e., the government pays the interest while you are in school), then you should definitely keep the money.

 

[OSUdoc08]

Helllo all,
I am a curent undergrad who is taking out student loans for school, but my parents have said they will pay for the rest of my undergrad (1 more year) and not my med school. I have $2000 that my loan company has given me that i dont need b/c my parents coverd my tuition. I have to choices.
1) i can give the 2000 back and re-apply for loans in med school OR
2) i can keep the 2000, put it away and let it accumulate interest over the next 5 or so years and then pay back my loans with that money too.
I can also still apply for loans and use the money i get from them and put them right into a GIC with the 2000 and let it grow interest.

should i not even take the money for the next year and a half of undergard and not be the extra money in the hole or should i continue to get loans and put them right into a GIC so when im all done school i'll have more debt, but also more money (from interest) to pay the debt off? Whats the better coice......less debt or more debt but more money to pay it off with??

anyone have any comments??

Take the money if you feel that you will need it. The amount will not make a difference in the long run when you are paying off loans, since it is such a small fraction of what you will take out.