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Its nice to get an unexpected check in the mail

October 17th, 2008 at 11:36 am

I was wondering how my financial aid award was doing since I submitted that I was attending 6 credits of graduate school in the Fall and 6 in the Spring.

Well my college sent me a check today. Its a Federal Subsidized loan so the interest won't accrue till I graduate. I had already paid my tuition via CC but it doesn't make sense to pay that back (it won't pay off the card just pay it down) because it is at 0% until July of next year.

So Dh and I are going to sit down and see if it makes more sense to go towards our EF, paying down the GTI, or paying down his CC. His CC and the GTI are at similar interest rates (less than half a percentage point difference) but the GTI's payment is 2x the amount.

On the other hand, we have $1400 in our EF and to get 6 months of my salary and our rental income saved (DH's job is pretty secure being in the military), we'd need $25K in our EF

The check is only for $1850 but we want to make the most use out of it

So we'll see but I guess this solves my cash flow problem so I can reimburse my EF and get it back to the original $1750 it was at.

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