Pay back loans or interest?

[canarywing]

thanks!

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[Clement K. Rudder]

I think your parents are wrong. You do not need to invest in interest. You need to use this money for a loan. Try looking for information on student loan sites.

 

[canarywing]

I think your parents are wrong. You do not need to invest in interest. You need to use this money for a loan. Try looking for information on student loan sites.

My university ended up not giving students on financial aid any refund as was initially expected, but thank you anyways for taking the time to respond.

 

[Trogghunter]

Invest it into an index fund. Create an account with vanguard and buy some mutual funds. The earnings will likely outgrow the interest substantially. I was an idiot and used a 10k scholarship on tuition instead of investing back in 2009. It could have been 50k by now. Didn't make a bit of difference given my med school debt. Also from an immigrant family, first to go to college in the United States, no one was there to help me with the financial aid process. Feel free to pm. me if you have specific questions.

 

[canarywing]

Invest it into an index fund. Create an account with vanguard and buy some mutual funds. The earnings will likely outgrow the interest substantially. I was an idiot and used a 10k scholarship on tuition instead of investing back in 2009. It could have been 50k by now. Didn't make a bit of difference given my med school debt. Also from an immigrant family, first to go to college in the United States, no one was there to help me with the financial aid process. Feel free to pm. me if you have specific questions.

Thank you so much, I really appreciate it.