This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Sallie Mae Offers Tips For Wise Use Of Tuition Refunds

This fall, tens of thousands of college students will receive refunds from grants or loans intended to pay for out-of-pocket educational expenses. Sallie Mae, the nation’s no. 1 financial services company specializing in education, offers tips to help students manage these tuition refunds wisely.

Sallie Mae recommends students keep the following considerations in mind to best manage their tuition refund:

Consider all options for receiving your money. Choose the refund method—check, automatic ACH deposit or debit card—that works for you and your banking habits and closely review all the details.

Avoid unnecessary fees. Understand any fees associated with your chosen refund method and steps you can take to avoid them. If opting for a check be sure to have a free or low-cost way to cash it. Students without a bank account who opt for a check often pay high check cashing fees. If choosing ACH into an existing checking account, be mindful of possible fees to transfer your money and fees associated with the account, especially ATM, non-sufficient funds (NSF) and monthly fees. If you want the convenience of a debit card, study up on how to avoid unnecessary charges.

If selecting debit, choose one that doesn’t allow overdrafts and has access to convenient fee-free ATMs. Ensure you’ll avoid costly ATM charges as well as NSF and penalty fees with an account that doesn’t allow spending more than you have.

Use financial aid refunds only for college costs. Keep careful track of your budget and be sure to use funds only for the intended educational purpose. For example, if your money is for an off-campus apartment, put it aside so it’s available when the rent is due.

Follow a budget. Plan what you’ll need for housing, groceries, books and supplies for the semester.

Return extra funds. If you received more than you need, immediately return the extra to reduce your borrowing and avoid unnecessary interest expense. Your future self will thank you.

Bank on the go. Mobile banking apps can help you check your balance before making a purchase, find a fee-free ATM, and some even offer text alerts so you know when your refund has been deposited.

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for its 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Copyright Business Wire 2010

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,071.22 -41.93 -0.24%
S&P 500 1,977.80 -5.05 -0.25%
NASDAQ 4,505.8520 -6.3420 -0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs