Originally Posted by JeffB
Thats great to hear you got a scholarship, but a word of warning and advice if you want it. Dont spend the refund money because you have it. Pay back the OSAP if you are able to because there is no need to pay interest on it later if you never needed to take out the loan in the first place. There are too many horror stories of graduates not being able to pay off their student loans, and spending the money for the sake of spending it will cause a lot of problems. Sorry to be all doom and gloomy but I have known people to go on spending sprees once they get their OSAP check and cant buy food at the end of the year.
Thanks for the advice. I can imagine a disaster of someone foolishly spending a loan without foresight. It's carelessness like that which seems to cause people to be in debt for years. I personally can't stand the thought. I'm hoping to invest the scholarship money I don't immediately need to accrue some interest before my OSAP starts ticking. (doubtfully in stocks given the current climate)
If I wasn't backed into such a corner to pay for education, I'd feel a lot freer with my money. Can't wait to be done here, get a job, and be back in the black again.