Ask Terry Questions Advise for a teenage son’s finances

Advise for a teenage son’s finances

By Terry Savage on October 08, 2024 | College Savings / Student Loans

My 19 yr old adopted son received FAFSA funds to attend a Jr. College in August 2024.
Recently he received a refund of $2700 from the college that I assume was overpay from FAFSA? My question is…if he doesn’t need this money for his education, what can he invest this money in to help him in the future? I’m trying to guide him in growing his money for his future. Thank you

Terry Says

He didn’t get “FAFSA MONEY”! He got a Federal Student Loan — which means he must repay the money! He sound check with the financial aid office at his school as to the reason for the “refund”. And will he need it for tuition next year?

He should also check his student loan account at Studentaid.gov.

This is not money for him to invest! (Except in his education)

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