<p>I was looking to live in a off campus apartment, and the apartments allow you to pay with financial aid. (I'm still not sure exactly how it works, I'm calling tomorrow to see how it all works) I was just wondering, do you receive more money on your refund check when you do not live on dorm?</p>
<p>When you get your financial aid award, be aware that it is released per term. it goes into your student account, and the school takes out what you owe in tuition, fees—and if you are signed up for it, room and board. You then get what’s left and each school has its own rules as to how it releases that money. Some schools hold onto it until the drop date. You need to call the Bursar’s office and ask how they handle this. </p>
<p>When you rent an apartment off campus, many times you need to put down a security deposit and first months rent before you can move into place. Unless the landlord is somehow in tune with the way colleges work, which is highly unlikely, you are going to have to front that money. In some high rent, low availability areas, you need three months rent up front. Deposit, first and last month’s rent, credit check and lease signed and notarized and parental co signs. </p>
<p>It is also a very good idea to make sure that the college knows you are not living on campus. Some awards are made on that basis, and it can be a nasty surprise to see that money not appear when the school finds out you are not living on campus. But, yes, when you get a financial aid award that is over and beyond what the cost of the tuition and fees are, you can get the excess funds to use as you please. </p>
<p>The apartments I plan on living in are student apartments so I do believe that they understand. My schools know that I am not staying on dorm. I understand everything about the housing and will know more once I call them. I was just wondering since I am not staying on campus will my refund checks be higher.</p>
<p>What do you mean by student apartments? My friend has a DD living in “student apartments” in that they cater to the nearby university, and maybe even only have students in them, but they are not affiliated with the university at all and when it comes to the financial end of it, my friend had to submit to a credit check and sign off on everything for her DD, and put down a heft deposit as well. </p>
<p>If your aid was not determined with the understanding you are living on campus, then your refund check will be the award amount minus the tuiton and fees. What else would they be charging you for? Why would your refund check be anything but that? The only issue I can see that could be a problem is if the school reduced your aid upon finding out you are not staying in the dorms and are not on a meal plan. Otherwise your aid is as stated in your award letter and you will get back whatever isn’t taken out for tuition and fees. Yes, the refund would be higher, than if you stayed on campus because the school would take out campus housing and food plan amounts from your award if you were staying on campus, and now you are not, and you have to allocate what you get towards off campus housing and your food.</p>
<p>I would check with the apartments you are considering as to what the deadlines and amounts are that you have to pay. Unless they are university affiliated in which case, they usually get billed through the school’s bursar office, such apartments may want the money before the school is willing to release the funds. You had better ask the bursars office as to what their schedule and procedures are for giving out excess funds to students. As I said earlier, some schools will not do so until well into the semester. </p>