Money left over from financial aid?
February 21st, 2012
I just recieved my financial aid award letter and I was offered more than what I need for college. All of this money is coming from FAFSA. My question is what can I do with the extra money?
Check the amount that is loans versus grants.Loans you have to pay back, grants you do not.If it’s more than you need and some of it is loans, you do not have to take the full amount of loans.
Either way, you are allowed to take the full amount of money and use what’s left after paying tuition for housing and expenses.If it’s all grants, no reason not to take the full amount.
(This is assuming that you’ve reported your situation accurately – for example, if you’re getting an amount of money to cover specific expenses for living on campus, but you won’t be living on campus, the financial aid office needs to know this).
The money is intended to help pay for any school related costs, but really you can do whatever you want with it. You can save the money until you absolutely need it, you could buy groceries, you could buy a computer, you could go on a month long drinking binge, its all up to you.
I usually use mine to pay living expenses
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