Hey there
First of all, how exactly do I receive the actual money for financial aid? Is it deposited on my account every month, or does it go directly to the school?
Is it possible to save extra money for future use? Say, I don’t use all my aid money this month, so I save them every month to help me pay off my debt later. Or can they figure out I don’t need every cent and decrease the next month or year?
Thanks!!
Most aid is awarded through the school (loans, pell grants, state awards) and are applied to your tuition bill. If there is anything left, it will be given to you and you can do with it as you like. Most schools do this by semester/quarter. It can take several weeks to get any overage.
Outside scholarships are paid either directly to you or sent to the school.
If you have leftover aid by the end of the year and have taken out any federal loans, you might want to return that X amount of your loans through the school.
any financial aid in your award letter from your school will be used to pay your billable costs directly to the school. As noted by others, if you have a surplus. You can request a refund…each school has it’s own timeline and process for this.
If you have work study in your award, you won’t get paid until you get a job and earn money.
If you have outside scholarships, some will be sent direct,y to the college, and others given to you (you need to report these to the colleges regardless on the method of receipt).
Did you receive more financial aid than your college costs?