<p>Okay, I don't understand how this whole FA thing works. So I finally got my package and accepted my grants and loans etc... When we start class in the Fall, does the school send me checks(of all grants and loans i got from FA) in which I have to deposit into my bank account and then use that to pay my total bill from tuition, fees, other school related fees in the end myself? Or is it that the school holds onto the money that I'm eligible for and use it to deduct my tuition fees and other fees in the end and i'll have to pay the rest of the net balance? I'm not sure if I'm making sense here but I think someone should get what I mean.</p>
<p>School gets your awards and applies them to the amount due. You will get a bill for the balance.</p>
<p>Okay. What about if our awards exceed the amount the cost of tuition and fees (total bill)? Does that mean we get a check and use it for other stuff like books, transportation etc?</p>
<p>Most schools will bill 1/2 the tuiton, 1/2 the room/board, the full fees, the health insurance (if you don’t provide a copy of what you already have and it has to meet the college specs) all in the first semester, and apply 1/2 of the aid to that amount. Any deposits are also credited to that first term. If there is money left from that 1/2 of the aid package, yes, it is available to you and each school has its own way and timing as to how you get that money and when. You have to talk to the bursar’s office about that. You generally have to have “seed money” up front for your supplies, transportation to the school and your books, as often that money is not available until a couple of weeks at earliest, after the term begins. You can request if any book credit can be given to you against your account. It’s up to the college as to whether they do this or not. Some schools won’t give you anything back until after the drop date for classes, because if you drop, they may have to return some of the funds, and then try to get the rest of the money from you which they do not like to do.</p>
<p>I suggest that you call or visit the financial aid office for your college and get explicit guidance on this. There is paperwork which must be done timely, and you don’t want to figure out you messed up. Additionally, some schools explicitly limit aid to COA (to include books, and some other items) but will not allow the excess to be issued. Since you mentioned loans, it doesn’t sound like you exceeded this, but better to be safe than sorry.</p>
<p>Sometimes that happens, and the school still does not advance the money. What if you take the travel funds and just not show up? Schools are not set up to be bill collectors and avoid getting themselves in that situation. Still, call and ask them if they will give any advances for travel and if there can be credit extended at the bookstore. </p>
<p>My nephew had a book stipend but still had to buy his books and get a reimbursement.</p>