When students woke up this morning, many of them found themselves a few thousand dollars richer than they were yesterday.
Armed with the funds from their second semester refund check, North Carolina A&T students are able to purchase textbooks, pay off old debts, and even pay their leases several months in advance.
While this may seem like a great thing, all that glitters isn’t always golden. More often than not, students refund checks are comprised of an additional amount of money they took out in the form of a student loan, and they fail to realize the amount of interest they will have to pay back down the road.
Agricultural education graduate student Jaron Jones, from Winterville, N.C., says that students need to remember that it is important to plan out for the long term, and not to just live in the moment.
“I believe that students must remember to manage their money with the end in mind,” Jones said. “Think past this weekend because unlike artists like ‘Drake’ we don’t have money to blow.”
Jones, like many other students today, did receive a refund check but he won’t be wasting it on things like rented rims or a brand new wardrobe. Instead, Jones will pay his rent up as far as he can, making sure that his prioritized expenses are taken care of first.
If students would like to gain some advice on the best ways to maximize their refunds, there are always resources available to them at the local area banks. Many banks offer their existing members free advice on different ways to budget out large sums of money, or how to invest things so that the maximum amount of return can be achieved.
Students can also sit down with their financial aid counselor if they have questions or concerns about their student accounts, or if they would like to discuss different ways to find funding for school with the minimal amount of loans.
Another tempting thing for students to spend their refund check on is spring break. Everyone wants to have a good time, but if you have to go into debt to enjoy yourself, it may not be in your best interest to spend your refund check on it, especially if you have tight financial issues. As tempting as the beach may be, think about the long term affects being broke will have on your bank account.
Also, remember that if you do want to take a trip somewhere for spring break, plan early. You can utilize the spring break planning center on The A&T Register’s website underneath the advertise tab.
Senior psychology and criminal justice major Yolanda Briggs is also planning to spend her refund check on student expenses, versus taking a splurge to the mall. Briggs says that her primary focus is fiscally responsible.
“While in school we (students) have many responsibilities,” Briggs said. “Although our primary focus here is to get an education, many of us do have several financial responsibilities. For some of us, our refunds may primarily consist of loans. So even though they may seem nice and easy to obtain, we do still have to pay them back. My recommendation would be to use it wisely, spending on things we need and not that of which we want.”
Briggs says the most discouraging thing about refunds is when she sees students spend their money on things they don’t need and then show up to class with no textbooks.
“I feel like as an adult, you should be able to focus on your priorities, and as students we need to prioritize,” Briggs said. “Showing up to class unprepared is disrespectful to not only the faculty and staff, but also to those of us who actually care enough about our education to focus on what’s more important.”
- Dexter R. Mullins