Not sure if this has been asked or answered before or if anyone will know the answer to this. For this year I received the Federal Pell Grant and TAP money. Between the both of them my tuition is completely covered. I even have money left over (-$977) for this semester, and I am going to have another -$977 left over for next semester too. So by the end of the year I will have around -$2,000 left over after tuition has been paid. My problem is, is that I am graduation this year, so what will happen with this left over money that hasn’t been used? Can this money be used for purchasing textbook or supplies for school? Will I be given a check at the end of the year for the remaining amount?
I’ve had this problem before but it’s a little different now because I am graduating. In the past any left over money was transferred over and used for the next semester.
If you have an overage, your school will likely refund this money to you. You need to find out your school’s refund policy in terms of when you will receive that money.
Yes, you can use it for books.
You can use it for personal expenses as well.
Both things are part of the cost of attendancemfor college.
Any amount over qualified educational expenses will be considered taxabl income.
I do not understand your question; if you have an overage from the fall semester, you will get it in the fall semester. If you have an overage in the spring semester. There is no “leftover money” if you are not in school.
Are you completing an associates or a bachelors?
Keep in mind that unless you are in an opportunity program (EOP/HEOP/SEEk/College Discovery, etc) you are only eligible for 4 years of TAP even if it takes you longer than 4 years to graduate.
If you are completing your bachleors, one you finish you will no longer be eligible for PELL.
Hoping the OP clarifies…but I thought he wondered if he could keep the overages for this year (when he IS in college) even though he is graduating in spring 2017.
If tuition and fees are fully covered by TAP and Pell, I would use as much of the Pell refund as possible for books.
If you already paid for books, you or your parents could maybe claim the book expenses for American Opportunity Tax credit or you can reduce the taxable part of the grant by the amount paid for books.
Just to clarify- I received Pell and TAP for both Fall 2016 and Spring 2017 semester but I am graduating at the end of the Spring 2017 semester. I will be a full-time student for both semesters as well. Also I am completing my bachelors and will not be going back to school after the Spring 2017 semester.
My question is, do I get that overage money refunded back to me?
Life I said before, this has happened before; having an overage, but that overage was transferred over into the next semester and used toward tuition. But since I am graduation in the Spring will the overage I have for that semester just disappear? Or will I get a refund for it.
Sorry if this is confusing for anyone, as it is confusing for myself as well.
I’m hoping I will get refunded back any overages so I can put them towards other school expenses. I don’t see how they wouldn’t refund it as it is money they gave me and I am entitled to it. But who knows.
But since I am graduation in the Spring will the overage I have for that semester just disappear? "
Yes. If you have graduated then there is no next semester for the $$ to roll over into.
" Or will I get a refund for it."
No. Use the $$ while you ARE enrolled for school expenses. Charge them to your school acct.
There will be no $$ given to you after you graduate.
My problem now is I have no idea how to use that money toward books or things at school. I don’t even know if there is a way to add that money to my school account. I contacted my school asking them, so I hope to hear from them soon.
Too bad they don’t have this information online already for me to see.
Contact the Bursars office at your college.
They handle all incoming and out going fund accounting - tuition payments from parents, the receipt and depositing of outside scholarships in students accts, books or food that are charged to students accts., etc etc.
If I am reading this correctly, you will be a full time student in fall 2016, and spring 2017…graduating at the end of that spring term. Is that correct?
If so, any overage from fall term will be refunded to you sometime during the fall term. Any overage from spring term will be refunded to you during the spring term.
The money is YOURS. Contact YOUR school to ask about refunds…when they are done…and how. Some schools will only direct deposit into your bank account. Some will,send a check.
Some schools will allow you to charge your textbooks…and use your refund to pay that bill. You can ask about that too.
I’ve already contacted the bursars office and my schools financial aid office to confirm that a refund will be happening and I am waiting for them to respond with the details. I’m just impatient and want to know now what will be happening lol I’m just not familiar with how this all works so I was looking for some outside resources.
I’ve also set up an online account for the money to be direct deposited to me.
I remember TAP.
Is it only for New York? Or any state? They are saying it’s for NY only.
Is there equivilents for any other states? I’m not sure where I’ll be going.
TAP being referred to here is for NY only, and for residents. There are some TAP programs in other places (Wash DC) and those programs are established for their students with whatever rules they want. Some states have programs that are based on merit for their residents (Tenn and GA have Hope, Florida has Bright Futures). California has a Calgrants.
You will only receive state aid for the state on which you live. For example TAP, which in the thread is the NYS Tuition Aid Program is for eligible NUS residents who attend school in NYS. You cannot use the seats st a school in another state.