<p>I got too much financial aid money for this coming academic year. I think it's because on the FAFSA I said I was going to live off-campus as opposed to living at home so I got more money. However, a few weeks ago something came up and I decided to stay home for the semester. What do I do? Do I send the money back to the university? I didn't sign up for any loans, just got grants and scholarships. What do I do?</p>
<p>are you aware that a lot of students get more than the cost of their tuition? When this happens, you get something called a refund.</p>
<p>Do you have a surplus or do you just think they give you too much? I would not spend any money they gave you before you talk to them (I’m assuming this is a rent stipend for off campus housing since I can’t think of another reason for a school to literally send you money). I would just tell your college about your change in circumstance and ask them what they think.</p>
<p>^^^schools literally send money all the time. Financial aid contributions are usually 150% of tuition cost, thus, creating a surplus. Many students (like myself) have direct deposit with their school set up for this surplus or, if they don’t, most universities just send you the check.</p>
<p>It really depends on the school. Financial aid depends on the school’s COA (cost of attendance) which includes estimates for tuition, room and board, books, and often, travel and personal expenses. Some schools have 2 COAs - one for on campus and one for off campus. Other schools have three COAs - on campus, off campus not with parents, off campus with parents (usually lower). If your school does not have a separate COA for off campus with parents (neither of my kids’ schools did) then you are fine. If they do have a separate COA for off campus with parents you need to let them know your living situation has changed and it is likely your financial aid will be reduced. Talk to your financial aid department.</p>
<p>Any aid in excess of direct charges from the school is paid to you for your other expenses. For instance my daughter lives off campus and we buy her books on the internet (much cheaper). Once her tuition and fees are covered for the semester the school sends her the balance of her financial aid and she uses it to pay for her rent and bills and food.</p>
<p>I go to the University of Maryland, College Park. All I can find is one COA, which is for those who live on campus. </p>
<p>I’m still contacting the school tomorrow but I don’t want to be accused of committing financial aid fraud or anything.</p>
<p>^^ Sounds like the right thing to do. Congrats for choosing to do the right thing.</p>
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<p>Really??? I’ve never heard of this before. Need based financial aid is based on your family’s income and assets used to compute the family contribution…then the family contribution is subtracted from the cost of attendance yielding your need (which usually is not fully met)…not on the cost of tuition at the schools.</p>
<p>To the OP…you are correct to contact your school. Schools don’t award need based aid in excess of the Cost of Attendance. There is STILL a cost associated with living as a commuter. They will let you know if you really have “too much aid” or if that aid they have given you is within your cost of attendance as a commuter.</p>
<p>^^^I should have clarified that if your EFC is 0, then aid is usually 150% of tuition. This was true for me at community college and the same is true for me at UNC. I’m sure most CCer’s would be oblivious to this, considering the majority of them are middle-upper middle class.</p>
<p>Definitely the right thing to do is to contact them. Your circumstances have changed. Maybe keep in mind any costs you have living at home, including commuting costs, utilities, and food, versus living off-campus but not at home. I would go over the situation in some detail with them. Chances are, they will be quite generous with you, and the phone call will make you feel safer about the whole thing, in terms of “fraud.”</p>
<p>How much of your package is in loans and work study? If you loans or work study in your package, you can ask the school to adjust it so that you do not have so much in loans. You need to contact the school. Your FA package will reduce but so do your costs, but the idea is to minimize loans.</p>