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when do you get your fin aid refunds?

bigboi403bigboi403 Posts: 42Registered User Junior Member
how long does it take to get your fin aid refunds after you've submitted your fafsa
Post edited by bigboi403 on
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Replies to: when do you get your fin aid refunds?

  • parentofpeopleparentofpeople Posts: 941Registered User Member
    You have to check with the individual school. At D's school they release funds about 10 days after the semester starts. You can deduct un-dispersed funds on a bursar worksheet and only pay what will be due. However, if you live off campus and are counting on the money to pay your rent and utilities etc. you need to have funds on hand to cover that before you get you funding from the school. Also, most off campus housing starts in June, prior the the school year starting, so you need to allow for 3-4 months of expenses before you get the funding from the school.
  • romanigypsyeyesromanigypsyeyes Posts: 21,816Registered User Senior Member
    Also, most off campus housing starts in June

    That must be very specific to your area because in my college town, it mostly starts in August, although you can get some that start in June.

    OP- It depends on your school. Also there is no guarantee that you're going to get a refund until you get your FA package. Have you gotten an FA package or award letter yet?
  • thumper1thumper1 Posts: 32,423Registered User Senior Member
    Your funds are refunded to you on your school's timeline after your financial aid award has been given, accepted, and your account credited for the term. It has absolutely nothing to do with the day you submit your FAFSA.
  • parentofpeopleparentofpeople Posts: 941Registered User Member
    That must be very specific to your area because in my college town, it mostly starts in August, although you can get some that start in June.

    Well that would make things a little easier. We also had a two month security deposit to lay out, so really have about 5 months rent, plus three months in utilities before funding arrives. I guess it does depend on how they run wherever you go to school, but something to plan for and keep in mind when working out your housing details.
  • mom2collegekidsmom2collegekids Posts: 57,753Registered User Senior Member
    Big....

    Have you gotten your FA award letter? If not, wait for that. If the award is for an amount that is equal or less than your tuition, then there won't be a refund. You'll owe money.
  • snowboard129snowboard129 Posts: 231Registered User Junior Member
    If the school estimated my living expenses to be more than what it actually is, does that mean they will refund the money? A bit confused..
  • parentofpeopleparentofpeople Posts: 941Registered User Member
    ^^^ some of the money they allocate is paid directly by you, to an entity other than the school's bursars office. An example would be rent (room and board) if you live off campus, books if they included that amount in your FA package. They "refund' the money that is meant to be paid to other places directly by you.
  • thumper1thumper1 Posts: 32,423Registered User Senior Member
    Remember...any costs the university bills directly (tuition, fees,...and room and board if they apply to you) will be paid FIRST from your financial aid. The school will not be giving you a %age of your aid for costs you pay. They pay ALL of their billable costs FIRST. You will only receive what is left....if anything. AND remember too...your aid is disbursed by the term (semester or quarter). You will ONLY receive a refund (if you are due one) from the current term...not the FULL year.
  • mom2collegekidsmom2collegekids Posts: 57,753Registered User Senior Member
    If the school estimated my living expenses to be more than what it actually is, does that mean they will refund the money? A bit confused..


    There can be a big difference between what a school says that your living expenses are...and what they actually award you since most schools don't meet need and gap students.

    Please provide the detailed breakdown of your FA packages....what does it say that you were awarded?

    For instance, what does it say for...

    Pell
    state grants
    Direct unsub loans
    Direct sub loans
    work-study
    etc....

    What school is this? Does it promise to meet need? What was your EFC?
  • snowboard129snowboard129 Posts: 231Registered User Junior Member
    This is for the University of Southern California, and they do promise to meet need, according to their own standards.

    COA is 57,876

    Pell: 4600
    SEOG: 450
    university grant: 35,800
    work study: 2750
    Fed. direct sub stafford: 4500
    federal perkins: 4000
    Fed. direct unsub stafford: 2000

    My EFC is 3700

    My COA might change if I live at home and commute. I might even decide to board at a relative's house who lives closer to USC, but I would still have to pay them a bit. So if there is "extra" money, would USC give me a check to pay for board?

    Thanks!
  • momofthreeboysmomofthreeboys Posts: 10,857Registered User Senior Member
    If your aid was calculated based on your living in college housing be sure and call the financial aid office. Some college use different numbers for living off campus and will adjust aid. You need to be asking the college these questions and not asking on a general forum. I think it's safe to tell you that you will not receive any financial aid refund, if you end up having one, until after the semester starts.
  • mom2collegekidsmom2collegekids Posts: 57,753Registered User Senior Member
    Your aid will be divided into 2 semesters.

    This is the only "free money" that you've been given:

    Pell: 4600
    SEOG: 450
    university grant: 35,800
    so, about 41-42k in free money...

    You sure have a lot of loans...$10,500

    you also have work study of 2750..so that's money you need to earn..it doesn't "exist" yet.

    Right now, your aid is based on you living in a dorm, right? If you change that, you will likely get a new COA...and possibly an aid adjustment.

    On your FA paperwork....how much is tuition, fees, room, board, etc cost?

    If you live at home, USC drops R&B to about $1700.

    Are you trying to avoid having to pay your EFC?
  • snowboard129snowboard129 Posts: 231Registered User Junior Member
    Thanks for your replies! I will call the FA office first thing tomorrow.

    I am only taking out loans for 2 years since Im a transfer from community college.

    This is the general COA. They haven't provided me with a more personalized one. Mine would be much different since I will probably be living at home.

    $42,162 Tuition
    1,109 Student Health Insurance (may be waived with proof of sufficient coverage)
    488 Student Health Service fee (mandatory)
    155 Student Season Football Tickets
    656 Mandatory fees: Student Programming, Student Services, and Topping Aid
    12,078 Room and board (rent & meal plans)
    1,500 Books and supplies
    1,825 Personal / Miscellaneous
    828 Transportation (parking permit) or 796 Housing (parking permit)

    $60,801 Total


    No, I am not trying to avoid paying my EFC (although that would be nice if it worked). I was just wondering how the refunds work and if I would be able to get one.
  • mom2collegekidsmom2collegekids Posts: 57,753Registered User Senior Member
    You will have to contact USC because your COA is going to change significantly if you live at home. Hopefully, they can tell you how it will change.

    USC may reduce your USC grant, or it may reduce some of your loans. Right now, it's hard to guess.

    Your EFC is a little less your "personal expenses" + books + transportation.
  • zambonizamboni Posts: 195Registered User Junior Member
    How do you have an EFC of 3700 but a 4600 pell grant? My Efc is 1500 and I only got 4000.
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