<p>Aside from the financial aid considerations keep in mind that the money can only be used for college expenses (as listed by someone above) without financial penalties/taxes and you can’t take the money for any previous calendar year expenses. For those who have other resources remember to use this money first. You can’t retroactively use it for expenses, ie if you save it for a later year and drop out you can’t use it for freshman year expenses you paid with your own money or loans. The key is also calendar, not school, year.</p>