Investing Money from Scholarships, Grants and Student Loans
If you are a student or have kids who are students attending college or university, it may be in your best interest to apply for scholarships, grants and/or student loans regardless of whether you really need them or not. If you need it then use it for your education then do so because the best long-term investment is probably in yourself and your education, but if you don’t need it then the premise is this: it is basically FREE money at your disposal that you can use to earn more money with no risk. Even if it is not totally free, the interest on something like a student loan is generally lower than the norm and the payback term is usually delayed for the course of your educational curriculum which means 0% interest on FREE money that can actually be used to earn you money. What you should do with this additional FREE money is invest it in low risk investments (ie. a Guaranteed Interest Contract) and earn some extra money that you would not had means to achieve otherwise. You could use it to save yourself money as well by paying down some high interest accruing debt that you already have elsewhere, but keep in mind that you may have to pay this original principle back eventually, so have a plan worked out well in ahead to cover this as well.
Do not be worried if this money is given to you only if you use it for the purposes of educational growth. In essence, you are still doing that very same thing. You still need to spend money on your education, so you are actually investing the money you would have dished out of your own pocket had you not received this FREE money. Freebies in life are rare, take advantage of them when ever possible!
