<p>Today i got an email saying how much financial aid i got from my community college ill be attending this fall, but i might have to go during summer D; Basically, will the amount of FA from the federal Pell Grant, Cal Grant B, and a couple other grants be directly deposited into my bank account if i select that method, or will i just get small payments throughout the year? Is it different for the Pell Grant, Cal Grant and the Federal SEOG Grant? How does it work out for each? I can tell any more info needed for the best answer. Thanks!</p>
<p>Actually, none of it will be deposited directly into your bank account initially. The money will go to the bursar’s account in your name at your college. If your school is on semesters, the money will be divided into two parts. Each term, your aid will FIRST be used to pay billable costs to your college…tuition, fees, room, board…whatever the university bills you for. If there is a surplus, THEN you will receive the surplus. Each college has a timeline for giving the surplus money to you. You would need to check YOUR college for this date.</p>
<p>You need to check about summer. Some forms of aid are not available at all during the summer. Also, your Pell, for example, will be a certain amount for the WHOLE year. Going in the summer will not increase that amount. You need to find out if summer is part of the previous academic year…or the next one. </p>
<p>If you receive a refund due to surplus need based aid, I would suggest you bank that, and spread THAT out for expenses during the year…like your books.</p>
<p>If finances are a significant consideration, I would suggest you get a job every summer rather than take courses.</p>
<p>All Federal and state grants will go into your account at the school that you’re attending for the term. If your school awards you the grants for the Fall term, they will distribute the grants after the Fall term has started. You won’t see any money in your bank account unless there are excess grants (grants more than direct billed expenses)</p>
<p>Thanks to both of you. So the money goes to the school first, then the left over goes to me? WIll the surplus, i think its called refunds?, go to my account then?</p>
<p>Also, think i found the disbursement calender. But is that when i will get my money too if i have left over excess, or is it just when the school gets their amount?
<a href=“http://www.cccd.edu/students/financial-aid/Pages/Disbursement-Dates.aspx”>http://www.cccd.edu/students/financial-aid/Pages/Disbursement-Dates.aspx</a></p>
<p>I’m not opening your link. Usually the money is disbursed to your account.any refund comes after the school is sure you are enrolled for the right amount of credit hours for your aid amount. Often this is several weeks into the term.</p>
<p>At my son’s grad school, he was asked how he wanted the funds…either a check, or he could keep it as a balance in his bursar’s account for upcoming terms. You would need to contact YOUR school to find out how they deal with refunds of surplus aid…checks or direct deposit. </p>
<p>I think most schools will let you setup the direct deposit for any refunds from the school. My kids’ schools usually refund to my kids’ bank accounts within a week after they got the grants. Also, my kids’ schools got the grants almost a month to 6 weeks after the term started.</p>
<p>Just keep in mind…if your college does refund early…and then you drop to below halftime…you might end up owing the school a refund! </p>
<p>When and how you get any excess depends on the school. My daughter’s school refunded it as soon as the 50% drop period passed (a week an a half after school started) and she had a choice of a check or direct deposit . We went with a check as for DD she had to sign a thing saying they could take money out of her account and we didn’t like that idea (not that we wouldn’t repay any money if it arose but didn’t want any unexpected surprises). My son’s school was really really slow with refunds - 6 weeks or sometimes more which was very difficult when he had living expenses. I think they had a high withdrawal rate so paid late to avid having to chase people down to get money back. And they did it on a debit card which he did not like at all (we were able to figure out how to make the debit card company deposit it in his account though they did not make it easy)</p>
<p>@swimcatsmom Let me guess, it was Higher One? They want me to get a card and open an account with them, but will definitely not.</p>
<p>yes I think it was (been a while). He did not have a choice, the school would only refund that way. But there was a way online to make higher one deposit it in his bank account.</p>