$3,250 left from financial aid 08-09 school year?

what can i do with it? i just fin my junior year..it doesnt include loans, im from maryland and its all from grants and scholorshiops



Suggestions:


1.) Put it into your savings account


2.) Invest in stocks


3.) Open a CD (see your bank for details)


4.) Throw a HUGE end of the school year party


5.) But season tickets to the Ravens


6.) All of the above





...but hey, it's YOUR money. Do what makes you happy, dude.




Crossed:





Not that I don't love all the great ideas that some of the other people offered, but I did want to slip in one caution.





Under normal circumstances, all grants and scholarship funds are tax-free, and do not need to be reported to the IRS as income.





HOWEVER - this is only true when the money is spent on what's known as "qualified educational expenses".





The IRS has a pretty short list of what constitutes "qualified educational expenses", and unfortunately, the list does not include year-end blowouts, or Ravens tickets.





Qualified educational expenses are:





Tuition


School Fees


Books


Equipment or materials that are REQUIRED of ALL students in your particular educational program.





That last one is the most complicated one. A laptop is not a qualified educational expense unless your school requires you to purchase one. A microscope that you purchased so that you could do your lab work at home, rather than having to trek to campus on the weekends is also not a qualified educational expense.





Note that room and board and transportation are not qualified educational expenses.





If you use that $3250 for anything other than qualified expenses, you will be responsible for declaring that money as untaxed income on your 2008 or 2009 tax return, and that kind of money will push you beyond the minimum that would make it necessary for you to file a return.





As long as you know that - party on!




Payback some of the loans you already have. Or put it in the bank and let incur interest. Or hold on to it for your senior year. Or do a semester abroad.




Have a big party for a week, sure that will fix it.........