<p>My college tuition is roughly $3,500/semester and $7,000/year.
I can check my financial aid awards online and they are offering me a pell grant, stafford loan, and a grant from my state totaling $5,800/semester and $11,600/year. </p>
<p>I need some extra money to buy books and a cheap used car to get to school. Will I get the leftover money from financial aid in the form of a check or can I only use it for tuition? Does the college just give you all the money you're awarded or is it held by the school? It says online that the money will be disbursed to my student account on August 14. </p>
<p>I'm so confused. I'll call tomorrow and ask but I'm curious about it now.</p>
<p>For reals though, I think financial aid awards can usually help out with any school-related expenses (including textbooks). I don’t know about the car. As for the specifics on how it’s given out and held, ask the FA office.</p>
<p>The school will offer aid up to the cost of attendance. That is tuition plus various expenses, including room and board. You don’t have to take it all.</p>
<p>It used to be that you were not allowed to purchase a car with federal student aid. I don’t know if this is still the case.</p>
<p>You aren’t including a housing cost in YOUR cost listings. Even IF you are living at home, you have expenses associated with college. Look on the college website. Usually they give a cost of attendance for resident students, commuters (live off campus but not at home), and students living at home.</p>
<p>Yes, at most schools you will be given a refund of unused FA to cover your unbilled expenses (transportation, personal exp, books, and R&B if living off campus). It says the money will go TO your account on 8/14 - you need to ask when the refund date (FROM your account to you) is. Often it’s after the start of classes and the drop/add period.</p>
<p>If your total awards are $5,800/semester and billed costs are $3,500, you’re only going to get a refund of $2,500. I think you need to come up with another plan to finance your car and use the refund for books, gas, insurance, meals on campus, etc. There may be enough for a small down payment on a reliable used vehicle.</p>
<p>sk8…this student needs to find out the total cost of attendance for a commuting student. Even commuters have some living expenses included in their cost of attendance. This OP only included tuition in the equation. The total cost of attendance usually includes tuition/something for living expenses…either housing/board, or something for commuters/books/personal expenses…NOT just tuition.</p>
<p>Yes, I’m assuming that’s why the FA/loans exceeds the tuition/fees bill, so s/he would be getting a refund of the unbilled portions (transportation, living, personal, books). I’m confused, thumper, is there any reason the school would not be giving the refund for these items to the student?</p>
<p>No…the student should be receiving any aid UP TO the college’s computed cost of attendance…I believe. Perhaps the finaid folks will chime in. The question is WHEN. At my kids’ schools, refunds were ONLY done at the END of the term…not at the beginning. So…this kid would not have any “surplus” money at the beginning of the term. It would be refunded at the end.</p>
<p>My guess is that this is to prevent folks from securing and GETTING financial aid money and then dropping out of school or leaving school for some other reason before the term ends. Just my guess.</p>
<p>^^ It varies from school to school. My daughter’s school gives the refund once the final add/drop dates have passed. At her school this is 2 weeks after class starts. Takes a couple of days to process then she gets the refund during the 3rd week of class. My sons school it usually is about 6 weeks into class. They both use the refund for off their campus rent and bills so I am glad their schools don’t follow the end of semester system.</p>
<p>With Thumper’s experience with refunds at the end of semester that is already 3 different systems. I don’t doubt there are several more!</p>
<p>Depends on the school when you get it. I get mine by direct deposit within a day or two of the start of class. My son gets his a few weeks after school starts, via a check he has to pick up at the financial aid office himself and deposit himself. He’s a better representation of what you’re asking about, because he gets about $1100 a semester for incidentals, books, travel, etc. </p>
<p>This sort of information should be on the school’s website, or you can ask them personally. Many schools that don’t give you the money until later in the term have “emergency loan” programs to give you money early if you need it, or will defer some expenses. So, for example, my son can put his books on account, so that he can purchase them when the semester starts, even if he doesn’t have the money until after drop/add closes.</p>