<p>Is it wise to open up a seperate bank account just for your scholarship and financial aid money? Is it possible to just take your financial aid check and open up an account?</p>
<p>Typically, the money will go directly to the school and not to you. Any overage will be held in your account at the school.</p>
<p>Oh… I thought I get a check! Darn it!</p>
<p>You might. I know at my daughter’s school they do not hold any funds after the bill is paid, and the excess is issued to the student in a check. If that’s the case for you, you can put it wherever you like.</p>
<p>If you are going to receive a refund check and need that to buy books or other supplies, it may be wise to set up a separate savings account for it.</p>
<p>No, don’t.</p>