<p>Ok so my plan is to recieve the financial aid from the FAFSA and pocket the money to use it for my 3rd year of college instead of wasting it for the 2nd when i could attend a community college. The work at University of Phoenix full time and go to school for free.</p>
<pre><code> The thought was brought onto me by a friend who tol dme about another of our friends who is doing the same thing.
How would I go about doing this?
</code></pre>
<p>FAFSA doesn’t “give you the money”…the colleges and federal government give you the money. AND it is usually dispersed directly to the Bursars office at the SCHOOL to cover your school expenses as an enrolled student…not paid directly to you. Sorry…but I don’t think there is a way for you to do this.</p>
<p>Umm. YOu do not get money from FAFSA. All FAFSA does is give you your EFC. If it is under a certain threshhold you are eligible for a Pell grant that is handled by the college in which you enroll. It goes to the tuition and other college expenses that the college bills, first. If there is any leftover, it may go to you for other COA expenses.</p>
<p>As the others said, you probably cannot do this. You can not get money from FAFSA and pocket it. The school uses the information from FAFSA to award you aid to attend the school. Roughly speaking the school takes your EFC away from their COA (cost of attendance). The difference is your need. Aid is based on the need at that school (which will be lower at a CC) and you must be enrolled and attending to receive the aid you have been offered. The COA does include allowances for room and board. If there is aid money in excess of direct charges from the school (tuition and fees etc) then this is paid to you to help with other costs included in the COA.</p>
<p>I think what your friend might be doing is spending less on than the COA for variable expenses likes books, transportation, and personal expenses. They might be borrowing the full limit up to the COA, but keeping the difference that the school refunds to them after the fixed costs (tuition, fees, room/board) are paid. This plan only really makes sense if you have scholarship or subsidized loan money that is refundable and will actually stay saved. If it means borrowing unsubsidized money, then it’s costing you more in interest for the year or two you’re not actually using it.</p>
<p>My own experience is you can do this, like above posts mentioned though your COA would play into it and then your EFC would play into it. BUT, I have done this before. </p>
<p>The government would send the grant money to the college. The college would take out the amount of tuition and fees due. Every semester the college would send me a check for a little over $1k. I would buy books, supplies and such with it, but there is no reason someone in the same situation couldn’t put the money into a savings account and use it for some year maybe when their EFC was higher. I used the entire amount over a semester, but it’s totally possible for even myself to save like $750 out of it. Your college would have to have a low COA. ANd yes I only got grants when I had this happen.</p>
<p>Now if you asking if you can just apply and not go to school and pocket the money, then no.</p>
<p>If you get a full PELL award and your tuition is less than that amount, if you can live off campus for less than what the excess is, you can pocket the money. I know some kids who are on financial aid who are getting pocket money that way since they go to a school that meets full need. The COA has numbers they use for room, board, other expenses. If you can live for less than what they allot, yes, you can pocket the excess. If you lived in the run down house that my son shares with six other kids for $200/month that would be a possibility.</p>