<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>i recommend you put it in the bank for a rainy day (year). Your situation might be different next year and you might have to get loans so you might as well save it just in case. My financial aid package changed from year to year so I saved the extra money to help with loans.</p>
<p>Just don’t be foolish with it if it’s a lot of money. A friend of mine spent some extra financial aid on clubs and partying.</p>
<p>I will take it off your hands free of charge.</p>
<p>Let me know…</p>
<p>You can generally receive grants and scholarships well in excess of tuition requirements, and while the excess may be taxable, there is no obligation to return it. Indeed, most schools will automatically cap your awards after a certain point. It is expected that the extra money will go to pay for other academic and living expenses, and if you are able to minimize those expenses then the money is yours to do with as you will.</p>
<p>Since no loan money is involved, unless you drop classes you don’t have to return financial aid. It shouldn’t be dependent on housing intent. So keep the money. You can use it for books, etc. Note that you may have to pay taxes on money for non-tuition or non-school expenses (it would be considered income).</p>