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What would you do if you randomly got a check for $10,000?

That is what just happened to my husband and I! I was filling out all the forms to apply for financial aid and they were really confusing but I did the best I could and he turned them in. We just got a check in the mail for that amount! I guess one of the things he signed was requesting a student loan at the max he could get! Now what?!

 
Anonymous

Asked by Anonymous at 9:42 PM on Sep. 29, 2010 in Money & Work

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Answers (10)
  • I would give some of it to GOD , and then I would pay off as many bills as I could , and then I would buy the kid's clothe's and winter coats , and then I would put some away in a savings account to draw interests.
    MommedForces

    Answer by MommedForces at 9:46 PM on Sep. 29, 2010

  • Well you can put it towards school like you planned, remember you have to pay student loans back, and you wouldn't want to get yourself in debt by spending it frivolously. Or you can call your lender and send some back towards repayment of the loan.

    sheloveearth

    Answer by sheloveearth at 9:45 PM on Sep. 29, 2010

  • Ok.. this is what you need to do. Pay for whatever tuition, and books, etc, and save the rest, and don't max out whatever loans for the rest of college. You will have to pay that money back, so be wise.
    lovinangels

    Answer by lovinangels at 9:53 PM on Sep. 29, 2010

  • I would be paying other bills. It would only put a dent in our billls. But if it is for student loans, you should use it for just that, or later you'll be paying it. But pay some high interest credit cards off if you have them and close them for good!!!!!!!
    2BlondeBabies

    Answer by 2BlondeBabies at 9:44 PM on Sep. 29, 2010

  • Seeing as how it is a loan and you will have to pay it back, you could put it away and pay it all off again to build your credit......is this for school? If so, you should use it for things you need/living expenses/child care/car or car repairs and the like while you are attending school. You will either way have to pay this money back if it is a loan.
    Kword

    Answer by Kword at 9:44 PM on Sep. 29, 2010

  • Use it to either pay off our car or my student loan. Which ever has the highest interest rate.
    mommy_of_two388

    Answer by mommy_of_two388 at 9:46 PM on Sep. 29, 2010

  • We paid off a vehicle with a student loan and paid back the student loan instead, the interest went from19% to 4% !!!
    Musicmom80

    Answer by Musicmom80 at 9:50 PM on Sep. 29, 2010

  • ive never heard of it working that way ....i would call whoever sent the check and make sure everything is correct and that they really meant to send it....keeping money that isnt yours (ex: taking advantage of the banks mistake, finding a 20 dollar bill on the floor near someone with their wallet out) is NEVER a good idea....i worked at a credit union and trust me WHAT GOES AROUND COMES BACK AROUND!......so now that we have covered that....SET YOUR ALARM FOR A HALF HOUR BEFORE THE MALL'S DOORS OPEN AND BE THERE WHEN THEY UNLOCK THEM!! WOOOHOOO! ; )
    mamagee1218

    Answer by mamagee1218 at 9:52 PM on Sep. 29, 2010

  • First thing is thank the good Lord, then I would either pay off my car or use it for a down payment on a house for our family.
    Daisyj22

    Answer by Daisyj22 at 9:53 PM on Sep. 29, 2010

  • If it is a loan you have to pay it back, so be careful about spending it! You don't want to end up like one of those people on gameshows trying to win money to pay back a massive student loan...
    But I know I'm on financial aid and I get close to a thousand dollars a semester basically for getting good grades I guess. That's money I keep (though I use it to pay insurance...sigh...). I doubt it's the same in your case because it's such a high amount.
    Evansmommy91

    Answer by Evansmommy91 at 9:59 PM on Sep. 29, 2010

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