<p>If my financial aid is more than the cost my 1 year in college. Lets say that after the year is over there's still $7,000 worth of financial aid left, would I need to repay that $7,000?</p>
<p>You’ll need to explain this. Are you saying you (not the school) were paid $7K more than the COA for a school?</p>
<p>As a rule, in most circumstances, no. But some of this comes down to why there is that amount of aid left. If it’s because you dropped courses or dropped, out you may have to return some of this. If it’s because you paid for costs out of pocket and did not spend as much on things that are in the school’s official COA (Cost of Attendance), then it is all yours. Make sure if you are keeping it that you keep it separate from other funds so that you don’t have to include it as assets when you are filing FAFSA. The minute you spend it, you can’t replace those amounts with your other money for the exemption.</p>
<p>If there is that much left because your personal expenses don’t come close to the school’s estimated expenses … and you borrowed loans … return all or a portion of your loans!!</p>