Refund Check Season

     Every year around the start of the semester students return to the campus of SC State with high expectations of a lot of things. Most are excited about the upcoming football season, some are excited to reunite with old friends, and very few are excited about classes. One thing on almost all of the student's minds is the moment they check their account balances on "Bulldog Connection" and realize that they are going to receive a refund from the school.

    The clouds roll back, the sun shines from the heaven, and angels begin to sing "All About the Benjamin's" by Puff Daddy. Whether it is a minor amount like $75 or big bank, or like some students whose checks could amount in the thousands, refund checks can be life savers and moral boosters.

    What does it mean really when you receive a refund check though? What do you do with your money? Should you give it back to your lenders? Or should you take the check and run before the evil board has a chance to ask any questions.

    Let's start by adding some truth to the refund check phenomena. So you may ask, "How does somebody receive a refund check?" Well there is a simple answer for that. Let me give you an example. Let's say tuition at SC State is $3,425. Add your $2,000 on to for housing and a meal plan and all of a sudden you have a $5,425 bill to your school. Yikes! But let's play around with the scenarios here. Let's say that the student in question is an in-state student, with good grades meaning they probably receive the "Life" Scholarship, and they are an athlete on scholarship as well. With all of that plus Pell grants or Parent Plus loans, in total the money available to the student could exceed amounts of up to $7,500. We all took that Algebra class with Dr. Myers so this part should be easy. Just subtract the amount due to the school from the amount of aid that received through scholarships and you get $2,075. Yes sir, $2,075 clean and clear in your pocket or in your bank account, if you sign up for direct deposit. As Jim Jones would say, "BALLIN'!!"

    Now that you have more money in your grasp than you have received in your past 5 Christmas's, what is the "right" thing to do with all that money? After talking to students here on campus, the answer varies. Honestly, one of the smarter, least thought of answers would be to give it back. Lenders love to receive some of their funds back. Taking this kind of step reduces the amount of loan money you may have to pay back over time.

   Now I know it sounds strange giving away money, but those student loans aren't going anywhere and sooner or later they will gain interest. Giving some of it back immediately could ultimately be a good thing. Even if you keep some of it, any little bit would help. You never know what kind of condition you will be in when you have no choice but to pay them back.

   Very few could not even fathom the idea of giving away all of that money. So what do students here on campus really spend their money on? A lot of students say they went on a small time shopping spree. Around the time that refund checks come out some states see a huge spike in local economy spending. This means that most students go straight to the local mall, or in our case Columbia or Charleston, and spend it on whatever their hearts desire. The hottest Red Bottoms, the freshest Polo, the newest snap back, all bets are off when students have this refund check money in hand.

    Many off campus students seem to not be so materialistic with their spending, as many of them have said to spend their money on things like their rent, their mode of transportation, and some in the situations, their children. In most cases the money is spent on something needed. This isn't a bad thing because in reality your being responsible with the money rather than blowing it just because you got it.

     In all, the refund check could be used as a tool to elevate ones "Swag" or it could be one to lower some financial burden. Whatever you use it for make sure that you spend it wisely, because in the end the money you spend today, some day you will have to give it back to somebody.