What is the Pell Grant?
The Pell Grant is a federal grant that helps low income students pay for college. This money is sent by the government to your school to pay for tuition and other costs (fees, housing, meal plan). If there’s a balance left over, the school issues the student a Pell Grant refund. Some students get refunds of over $3000 in each semester.
What should you do with this money?
Manage your money wisely. Sit down and think about your budget. What do you need to buy this semester? What bills do you have to pay?
- Check your school account. Make sure you don’t owe the school any money. You don’t want to spend your whole refund and then discover that you owe money and can’t register for next semester.
- Buy books and school supplies.
- Put some money in savings.
- Pay some bills upfront. See if you can pay two month’s rent in advance. Or buy some extra phone cards so you’ll be able to keep your phone on for the rest of the semester.
- Treat yourself. Buy yourself something small or nice. Don’t go nuts.
Here’s what other students do with their refunds.
What do you do? Let us know in the comments.
I pay bills first- rent, phone, utilities, and then food and other necessities. I try to save as much as I can but it varies by month.
I pay bills in advance. I’m in nursing school so sometimes I have to reduce my work hours during the semester. I might not work for a week when a final is coming up. At least rent and bills are covered and I have peace of mind. I buy groceries, books, supplies, etc. Then I add money to a prepaid card for gas so I don’t waste it.
I paid my year rent in advance and saved the rest until my car died.
Rent- I pay my rent in chunks so that I wouldn’t have to worry about it. Then I bulk buy groceries and have a little left to do something fun.
I put half in savings and spend the rest.
– Kyra Smith
I pay for textbooks and supplies I need for school. I pay for anything necessary bills like my cell phone or a bus pass. I pay any debt that I have and then put the rest in savings so if I reach financial hardship during the semester, I’m able to use if I need to.
Pay my car insurance 6 months in advance.
Bills bills bills. Pay ahead what I can, get my car payment paid up as far ahead as I can.
I start with paying whatever bills I have. Then I buy stuff I need (transportation, food). Then I spoil myself with some stuff that I want to buy.
– Jai Daisia
I spend most of the money on my car payments. What I don’t spend on my car payments, I usually buy food with.
I put it in my savings account.
I put at least $600 in saving, which helps a lot when an emergency happens!
I catch up on bills and buy household stuff. Then I treat my kids to Steak and Shake.
I’m saving up so I can get a car.
Save it and use as little as possible for food until the next semester.
I pay student loans, credit cards, and bills.
I use it for bills and save the rest for books next semester
I save as much as I can to give myself more “life chances” down the road whilst paying whatever expenses I have. I try to treat myself every now and then, but I’m focused on building for myself at the same time.
I put it into my savings account, and will use it for any unexpected expenses.
Save some, spend some, and share some to help the community.
Buy snacks for school and save the rest.
– David Ganz
Usually buy big items that I couldn’t before. Like tires, or getting new brakes and rotors.