<p>So i got accepted to Fairleigh Dickinson University and got my financial aid package last week. I'm getting about $38.5k and the tuition+fees is about $35.7k which leaves me with $2.8k. I was told i could use the money to buy books when i went to a financial aid workshop a couple weeks ago, and if the website is accurate, i'll spend no more than $1k on them so that'll leave me with $1.8k left. Can i use that to buy a laptop(ultrabook) to take notes/do hw on it? I'm already going to admitted students day in like 2 weeks , so i can ask them then, but has anyone done this before? IF not what can else can i use the money for, or will they just take it away.
EDIT: Just in case anyone asks, the financial aid package does not have any loans since i do not need them the $38.5k is all from scholarships/grants that i do not need to pay back.</p>
<p>Room and board?</p>
<p>When you visit the Financial Aid office there, find out how much of your scholarships will go to things other than tuition, fees, books, and specifically required course materials. That money will be taxable income for you. You will need to plan now for the best way to save some money to pay your taxes next April. </p>
<p>If your scholarship package is designed to meet the full Cost of Attendance (tuition, fees, books, meals, housing, personal expenses, etc.) then yes, it is entirely possible that you might manage to spend a bit less than you were awarded, and can put it toward whatever else you need to spend it on - including taxes.</p>
<p>Not gona live on campus since I’d still need around $7k more and its only a 30min bus ride to get there anyway so I don’t really mind commuting.</p>
<p>Some types of scholarships are ‘refundable’ to the student if there is an overage, but some schools will cut off the scholarship if there is more scholarship than tuition due. It just depends on the scholarship. Pell grants are paid to student if not needed for tuition.</p>
<p>What you use it for is up to you. Most of plenty of expenses they can pay and that might even be qualified education expenses, like books. Whether the computer is covered depends on if it is required for your program (not that you feel you must have one, but whether the major you have formally requires one). If it is not a QEE, then you will be taxed on the amount, so spend it as you’d like (and need to).</p>
<p>Use the money for all those bus rides.</p>
<p>You can use the excess money for whatever you please, unless the school has specific rules. You do have to check on that. The way it usually works is that each school has an official Cost Of Attendance that they submit to the government. That is the maximum dollar amount a student/parent can get in loans and aid. The amount includes tuition, fees, room, board, transportation, books, supplies, sundries, and represents an average of sorts that a student that goes there can be expected to need. Schools usually have different numbers for commuters vs those living on campus vs those living in student housing (not with parents) off campus, or they may not. But that number that pertains to you is the COA, and if you can “beat” that COA by cutting down on costs, eating breakfast at home, bringing a lunch/drinks from home, then good for you. As Mom2collegekids says, use the money for all those bus rides. That is part of your expense in going to school. I know a kid who commutes to NYU and his transportation cost using public train and bus is $400 a month. Someone who lives within walking distance of NYU could have a zero transportation cost. But the COA is not calculated for each student, but is an average. One kid loses out in this case, and one makes out just from where they live, both commuters.</p>
<p>One thing you should make sure before you get overly elated is whether you did apply as a commuter. I’ve known some cases where kids apply as a boarder, the school uses room/board COAs as such and gives them an award, because they have some wiggle room on their own room/board numbers, and then the kid says he’ll commute. The school in such cases, may take back some financial aid, since the numbers were not calculated for that student on a commuter basis. </p>
<p>Use it for books if at all possible. Any scholarship money that is used for tuition, fees, books, etc that are require for a class are tax free. Otherwise its taxable. </p>
<p>Probably not a big deal for you unless you have an income and are already paying taxes. </p>