financial aid

Paying for College
1

IMPORTANT

  1. If enroll in direct deposit can the college see how much money I have in the bank and can they reduce my financial aid? And can u explain what direct deposit is exactly? If I sign up for a direct deposit, will I be able to pay for fees through it also after it is set up?
  1. what are some good places online to get scholarships? I really need them.
2

Direct deposit is used for payments to your account. If you have a job, your employer can give you a physical check or they can transfer the money from their account to yours electronically (direct deposit). They can’t see your bank balance and you can’t see theirs.

It sounds like you’re talking about payment plans. A payment plan let’s them take money from your account every month. If your bill for the semester is $10,000 and it’s split into 5 payments, they’ll withdraw $2,000/month from your account. The payment covers whatever in included in the bill. If fees are on the bill, the payment will cover those. Payment plans usually have to be set up at the beginning of each semester.

Why are you worrying that your financial aid will be reduced? As long as you filled out the financial aid forms with accurate information, the amount of money in your account won’t change anything.

3

Did you accurately and honestly complete your financial aid forms with the amount IN your accounts as if the date you filed your financial aid forms? If so, you have nothing to worry about.

No one can see your bank count balances but you.

Are you looking for scholarships to help find the 2020-2021 school year? How much do you need? Did you already receive need based aid from your college?

4

I bet OP wants to know about direct deposit for financial aid … if aid exceeds direct billed costs.

And no, when a direct deposit is made, the person/school/company making the deposit does not have the ability to access your account balance.

5

the OP is required to report any outside scholarships received to the college. All of them. Required. If the OP received need based aid, outside scholarship might reduce that need based aid depending on the policies of the college.

I hope the OP answers the questions posed above.

6

You wouldn’t be able to pay fees through direct deposit because that is for the school to pay money to you. For example, if aid exceeds costs billed by the school. You may be able to pay the school directly from your checking account, online.