Dude, Where's My Refund?

It’s January! School is back session, and college students alike are prepared for one thing. Whether it comes through direct deposit or via check, students are ready for their financial aid refunds. We either wait patiently or sit in angst wondering, “Where is my refund?” With daily expenses and regular bills piling, a refund becomes the beacon of light, steering you back to security. However, once the refund is in hand, it’s very easy to go off course, and land you back at your starting point – flat broke. This leads you to wondering again, “Where is my refund?” Don’t let that be the case this year!

Keep It Steady!

Having a lump sum may make you feel rich, but trust, it’s only temporary. That’s why you need to spend consistently, conservatively, and concisely. Every student should assess their spending habits before, during and after having a refund. This assessment includes steps that gauge:

• ·       How frequently are you spending money on a daily, weekly, or monthly basis
• ·       What items are you spending more on, less on, or approximately the same amount on?
• ·       Are these frivolous or necessary purchases?

When assessing these things, make a list under the categories of “before”, “during”, and “after”. Once you have your comparative list made, take notes on your efficient and not so beneficial spending habits.  From there, create some solid solutions such as

·       Mapping out a spending or shopping schedule according to your needs. This can help you maximize your lump sum and effectively stretch your money.

·       Shopping for necessities FIRST and buying enough regularly-used items to  last a while

·       Examining expenses and see which:

•       Small debts can be PAID OFF
•       large expenses can be PAID ON
•       occurring bills can be factored in to your normal flow of spending or can be paid with your refund

Saving Goals Prevent Pocket Holes – Both Now and Later

Burning through a financial aid refund is something that makes everyone hot. Avoid it by saving and smart spending.  In conjunction with spending schedules, you can try:

• Establishing spending limits for the week and or month
• Take aside a percentage of the refund for emergencies that can pop up
• Creating allotments for indulgences (That’s right – it’s not an impulse buy if you plan it!)
• Creating allotments for indulgences (That’s right – it’s not an impulse buy if you plan it!)

When receiving a financial aid refund, know the process and facts behind it. The way to receive a refund is by having a surplus of aid (scholarships, Hope, PELL, Zell Miller, and loans) left over once your tuition and fees are paid. That money will be disbursed to you. Yet, when it comes to paying for the Summer Term, or applying for aid during your senior year or even a 5^th or 6^th year, you don’t want to run out of money. Be mindful that this money does serve an additional purpose, funding your college experience and expenses! It’s up to you to monitor this refund and make sure it helps you succeed and survive here in the nest. With these tips and tricks, you will find a happy medium that allows you enjoy your refund while capitalizing it!

For more information about financial aid refunds, disbursements, and your KSU Higher One Card, use these resources:

• KSU Bursar’s Office
• KSU Office of Financial Aid
• financialaid.kennesaw.edu/deadlines/
• Owl Express
•  www.ksuone.com
• KSU Student Email

-Ashley King, Resident Assistant