Pay off Undergrad Loans w/ Graduate Scholarships

[Keishala]

I have a ton of undergrad debt. I plan on enrolling in graduate school next fall and between corporate tuition reimbursement and scholarships, I'm confident that I won't have to take on any more debt. However, I was curious to know if any scholarships that I possible obtained beyond the current year's expenses could be retroactively applied to my existing debt?

[LynnInMN]

I dont know what you mean "retroactively", but anything cash you receive over and above your expenses this year can be sent into the lender to apply to the debt. Make sure that you have it applied to unsubsidized loans first.

[Keishala]

Thanks Lynn. Just because I'm slow sometimes...You're saying that I *can* use Graduate scholarships to pay off Undergraduate loans?

 

If so, this is great news!

[LynnInMN]

You have to remember that in a lot of cases, scholarships will be applied directly to your student account. If you have funds left over, you are free do spend it however you want.