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OT - Investment Advice extra $$
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Posted by NickR (more from NickR) on Fri, 11 Feb 2005 09:14:17 Share Post by Email
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So, I just got a note from the graduate school I am attending (Bentley whoo-hoo), and it turns out I have about $11,000 more in loans than what my tuition costs currently are. Options are:
1) Get a check for 11k
2) Keep the $ as a credit for future courses

I have about 4 courses left at $2600 a pop would come out exactly to that 11,000. But, I am tempted to keep the money for investment purposes, allow me to explain:

I currently own 1 rental property which I also live in, but want to get another one this summer and move into that one. I have no real $ for a downpayment so 10,000 would be pretty good, I could at least get FHA financing. My first house I got into with no money down (80-20 loan) but I ended up with like slightly over 6% interest rate because of it (but no PMI).

If i hang onto the 10k I can put it down on a house, which will save about $50 a month on the mortgage, give or take. The tradeoff will be I will have to repay it on my student loan at a rate of $100 per month, so I will effectively be -50 than if I didn't take it at all. But I think the $50 will be saved in the "normal" interest rate because I wo'nt have to get another screwy mortgage loan like the one i currently have.

Either way, the student loan isn't repayable untill 6 mo. after I graduate (that would be about July 06). I figure even if I take the money and put it into a high-yield money market accoutn I would be better than just leaving it sitting in the college's account for a year and a half. Also, probably about 50% of the funds are subsidized, meaning no interest begins accruing on about half of the 11k untill the loan reaches the date where I must start repaying it.

What do you guys think?

posted by 208.253.178...

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