I'm smart about some things, but this is not one of them
July 13, 2010 6:25 PM Subscribe
Going to grad school and just received an inheritance - how do I best manage my money?
posted by anonymous to work & money (11 answers total) 2 users marked this as a favorite
You are obviously not my lawyer or financial planner, but maybe you have some suggestions or advice on the situation at hand. I am in my early 30s and am going to grad school beginning in August. I have about 31k in existing, consolidated loans from undergrad, which are currently locked in at a 4.125 interest rate and which will be deferred while I am in school.
When I applied to grad school, I also applied for federal student aid and was offered and accepted around $20k for the 2010-2011 school year. I had planned to also take on additional loans during my second year of school.
In June, I became the unexpected beneficiary of an inheritance to the tune of 180k. Other than my student loans, I have no other debt. I am very newly married, and my husband does have a home with a mortgage, so we have bandied about using some of the money to pay that down as well, but he is very clear about this being my decision.
Am I wisest to bank most of the money and/or try to make some additional money through investments, or should I just use the cash to pay off my existing loans and pay in cash for grad school? I am planning to work part time while in school, but this money has given me a lot to think about in areas that I don't have any experience. Thanks for any advice you can offer.