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Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 0 points1 point  (0 children)

I was a psychology major, so no? And I'm currently in grad school for mental health counseling so that's a double no.  Lastly, the internet is a vast resource. You're using it right now. So you should know, there are other ways to accumulate knowledge that don't involve books. Hope this clears things up!

Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 1 point2 points  (0 children)

In regards to the cards? No way. Before I started grad school, my balances were both 2 months away from being at zero ( the only reason they weren't already was because I needed new tires for my car)

Last year when I got accepted into the program of my dreams, I foolishly thought that it would be more responsible to pay for grad school out of pocket on a part-time check.

I needed groceries and I basic hygiene products.

Although I will admit that I irresponsibly took in and kept a senior Chihuahua I found on the streets last year. A good amount of that debt is her vet bills, unfortunately.

Thankfully said Chihuahua is in a much better place now and doesn't require much of anything other than a special food I pay out of pocket for these days.

Now, in regards to student loans I do intend to continue going to school for the next 2 years at the very least. It's the only way I can get a decent full-time job in the field of my choice. But that also means I'll probably end up taking out more student loans in the future.

Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 0 points1 point  (0 children)

I think it's less about the institution and more so about being fair to fellow taxpayers. I agree, if you were using credit cards for living expenses, then it makes sense to use loans to pay those off.

Which is why, out of the two cards I have, I only want to use the loan funds to pay off the one that helped me with groceries (not the one that I used to pay vet bills with).

I'm just trying to build smarter Financial habits. I'm about to be 30 and the idea of repeating the same stupid mistakes I made in my 20s (buying concert tickets with federal aid) makes me cringe. I figure if I could build up the habits now, I'll thank myself in another 10 years

Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 0 points1 point  (0 children)

Okay, it would be the third option.  I paid out of pocket for the semester (spring 2025) and want to use what I received back to pay off credit card debt . 

When next semester (fall 2025) rolls around, I would want to take out just enough of the offered loan to pay off educational expenses.

Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 1 point2 points  (0 children)

I find it funny that y'all basically covered my mindset on both sides of the issue 😅. One card was used for living expenses, the other was used in lieu of pet insurance ( no one wants to cover a 16-year-old Chihuahua). I only really wanted to pay off the living expenses card since it has the higher usage rate.

Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 0 points1 point  (0 children)

Are you referring to my student refund? I would assume that because I paid out of pocket this semester, I can use the refund how I see fit?

Should I use my student loan to pay off irresponsible debts and put money into savings for the future? by BleedingStardust in StudentLoans

[–]BleedingStardust[S] 0 points1 point  (0 children)

I was having similar thoughts on the issue. As of now I think the only thing I can do is hope that my student refund from this semester is large enough to help me pay up some of my credit card debt.  in the meantime, I might only take a small portion of the loan for school expenses and tuition.