Our collective jaws dropped when we heard about the $6.39 million handed back to UTM students this semester. How exciting it must be to get back on average almost $1,000 in excess financial aid.

Martin businesses can no longer discount the buying power of the student body. But how much of this money actually stays in Martin?

Studies have been conducted to pinpoint the economic impact of the college on the surrounding region, but none have taken into account the new Tennessee HOPE Lottery Scholarship enacted in 2003.

Students can cheer at having deeper pockets, but should be warned of the problems that can arise. Most of the money is either excess loan payments or scholarships. Loans must be paid back, and scholarships must be kept. Reckless spending may help the economy, but it can have a devastating effect on the student.

We doubt few Tennessee voters pictured scholarship money going above and beyond the cost of college, only to land right back into the hands of students for whatever purchases their hearts desire.

It is not uncommon to hear about excess aid, through assorted discounts, the lottery scholarship and merit scholarships, to total several thousand dollars. How is that money spent? Should it be saved for a “rainy day?”

Our best advice? Spend wisely.