Claflin News

CAMPUS LIFE: Refunds come with a cost

Mar 10, 2014

The Panther 

It's that time of the semester again. Time for REFUND CHECKS! As students, we're always hyped and jittery about the release of refund checks, but do we understand the problems we are causing for our future?

Money given to students in a refund check is leftover money from the school after your student accounts have been paid up in full. Most of the time, it's leftover money from the loans students have taken out.

The good choice would be for us to return the money that we do not need, but that $2,000 check sounds a little more tempting. Let's think about it. We have to pay these loans back. That quick, fast money is good now, but how will we feel after graduation?

Those $2,000 checks won't seem so worth it when there's $1,000 worth of interest on it. We can't forget that the $2,000 is just leftover loan money. So let's toss in the $12,000 you pay to the school in loans that year. That's $14,000!

God forbid you have to take out that much in loans every year. By the time you graduate, be ready to end up paying back close to $80,000 to Sallie Mae. Interest is no joke nowadays.

I'm guilty of maxing out on loans in order to get a refund check, but the school should do a better job of encouraging us not to put ourself deeper and deeper into debt. It's one of those preparing-you-for-the-real world things.

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