Page 17 - NYS GEAR UP Level Up

NYS GEAR UP All things Finance All things Finance NYS GEAR UP All Things Finance Lesson All Things Finance Lesson 4
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THE BIG REFUND CHECK/REPAYMENT
If you you you you are receiving a a a a a a refund refund check check normally the Bursar Office will reach out to you you you you notifying you you you you of a a a a a a refund refund check check Or you you you you can check your school accounts as well to see if you you have one Please keep in in mind: YOU ARE NOT SUPPOSED TO EXPECT A A REFUND CHECK! It will not happen all the time you might not get one at all First things first: Check your your accounts and see if you you you you owe anything If you you you you do use that refund check towards your your bill If you you don’t owe any money money on on on on on your accounts please use that money money wisely Here’s some options:
• • • • • • • • • • • • • • • • The issuing of a a a a a refund check normally occurs when there is is some remaining money after your tuition has been covered from financial aid ‰ For example if your your tuition is is is is $8000 00 00 00 00 and your your financial financial aid aid is is is is $10 000 000 000 there is is is is $2000 remaining This means that you you you will receive a refund check ‰ ‰ Fuel your your budget: use use this money money money to help you you you you survive the the rest of the the semester ‰ ‰ ‰ If you you you need a a a laptop or or a a a necessity for school buy it it ‰ ‰ Save some money for for an emergency you you just never know Repayment involves paying back school loans that you you have taken throughout your college career When you you you you decide to take out a a a a a a a school loan you you you you must sign sign a a a a a a a master promissory note With your signature you you you you are promising to pay back the money you taken out Please read all terms and and and conditions understand the the type of loan loan you have taken out and and and what exactly the the loan loan entails Don’t take out more money than you actually need:
‰ For example if you you you you only need need $5000 to cover your tuition gap don’t take take out out $10000 Interest rates will be higher and you you you you will place yourself in more debt Please remember whether you you you finish college or not once you you you take out the the loan you you you must pay it back