Americorp award- pay for law school directly or pay interest Forum
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anchris
- Posts: 1
- Joined: Wed Apr 17, 2013 12:39 am
Americorp award- pay for law school directly or pay interest
I have an americorp award of roughly 11,000 to use for educational purposes (however I have to pay taxes on this money). Should I use the money to directly pay for law school in small increments or should I use it to pay the interest on my loans while in school? Which seems like the better option? Thanks.
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jkpolk
- Posts: 1236
- Joined: Thu Nov 10, 2011 10:44 am
Re: Americorp award- pay for law school directly or pay interest
you should spend it on first semester tuitionanchris wrote:I have an americorp award of roughly 11,000 to use for educational purposes (however I have to pay taxes on this money). Should I use the money to directly pay for law school in small increments or should I use it to pay the interest on my loans while in school? Which seems like the better option? Thanks.
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francesfarmer
- Posts: 1406
- Joined: Mon Sep 10, 2012 11:52 am
Re: Americorp award- pay for law school directly or pay interest
+1. You will pay less in origination fees AND interest if you take out less money in loans to begin with. As far as taxes are concerned, since you are in Americorps I assume you won't make very much money this year so the tax consequences should be pretty negligible.polkij333 wrote:you should spend it on first semester tuitionanchris wrote:I have an americorp award of roughly 11,000 to use for educational purposes (however I have to pay taxes on this money). Should I use the money to directly pay for law school in small increments or should I use it to pay the interest on my loans while in school? Which seems like the better option? Thanks.
