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I matriculate in August. I have $7,000 cash. I was planning on using it for tuition/living expenses. The rest I will cover with Direct Unsub Federal Loans, at 6.08%. However, if I were to invest that money, it could be potentially worth more.
The extra 7K I would take out in loans if I invested my cash would turn into 11.8K after 9 yrs (5 yr residency) at 6.08% compounding interest. How doable would it be to invest this money with greater than 6% annual returns and beat the compounding part?
Essentially, can I make this 7k into more than 11.8K in 9 years (with minimal effort) or should I put it directly into tuition. If possible, how should I invest it?
The extra 7K I would take out in loans if I invested my cash would turn into 11.8K after 9 yrs (5 yr residency) at 6.08% compounding interest. How doable would it be to invest this money with greater than 6% annual returns and beat the compounding part?
Essentially, can I make this 7k into more than 11.8K in 9 years (with minimal effort) or should I put it directly into tuition. If possible, how should I invest it?