It is the time of year when student loan and grant refunds are issued. Most students will receive refunds worth hundreds of dollars. Here are 10 suggestions on how to responsibly spend yours.

  1. Keep it in your college. Student refunds are automatically mailed out to the student. But you don’t have to have it this way. Call up your financial aid office or college business office and ask that your refund stay there. By  doing this you have a head start on paying for next semester’s classes and course materials.
  2. Pay on your student loans. You can use your refund towards paying on your student loans. This is a pain free way to keep down the interest rates.
  3. Donate it to your college or university. Show your school spirit while helping others. Don’t forget, charitable donations are a tax write off.
  4. Help someone less fortunate. Donate you refund to your favorite charity. You will be rewarded with that great feeling that you have helped someone in need.
  5. Adopt a pet from a shelter. Now that school is out, you will have extra time on your hands. Why not make a new friend to share that time with you? Shelter animals are often healthier (in the long run) than those brought from animal farms where they suffer conditions caused by too much inbreeding.
  6. Plant a vegetable garden. You will get plenty of exercise, fresh air and sunshine. You’ll save hundreds on your grocery bill by eating the vegetables you grew yourself. An added bonus: homegrown vegetables are healthier than those you buy in supermarkets.
  7. Tune up your car. Regular tune ups keep your car running in optimal condition. Finely tuned cars take less gas, resulting in higher gas mileage. This adds up to lower gas bills for you and a healthier ozone layer.
  8. Buy U.S. Savings Bonds. Bonds mature at a slower rate than some other investments but, they are safe investments. You don’t need a financial adviser or be investment savvy to buy bonds.
  9. Buy career essentials. Invest your refund on the necessities you will need to be successful in business. Things to invest in include: professional wardrobe, iphones, computer software and business cards.
  10. Get some rest and relaxation. The proper balance of mind, spirit and body is essential for success. Don’t feel guilty about a day at a spa, a massage, or a day at the beach.

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