Financial aid spending differs among students

By Jalen Cobb

Martha Pankow , senior early childhood education major, spent some of her financial aid refund check on items not related to school, but she said saving some money is also important.

“I think students who work hard to get a refund check should use at least part of it on fun,” Pankow said, who said she bought clothes, electronics and did other things with her refund check. “I would also save the other half of it for a rainy day, although it’s much easier said than done.”

Jane Jordan, associate director of financial aid said she agreed with Pankow about saving money and budgeting for expenses.

“It is important that students carefully budget their refund over the course of the semester to assure they have enough to cover their monthly expenses,” Jordan said.

Budgeting and managing expenses are important to prevent students from resulting in excessive spending habits, Jordan said.

“I always recommend that student and parents only borrow what they need,” Jordan said. “Many students will choose to take out educational loans to assist them with covering their educational expenses.”

The amount of money in loans a student may receive is dependent upon the students’ academic level and dependency status, according to the financial aid website.

The amount varies from $5,550 to $7,500 for dependent students, and $9,500 to $12,000 for independent students (and dependent students who have been denied the parent plus loan).

Some students decide to take out the max in loans in hopes of receiving a huge refund check to fund other desires.

“I know people that spend their money on all types of things from clothes to cars,” said Iesha Washington senior health administration major. “If they have an apartment, I think it should be spent on the rent.”