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Financial Aid - Extra Money

knightforumknightforum Posts: 316Registered User Member
So far it looks like I will have over $5000 extra after housing and tuition, according to my award summary from scholarships and grants. Will I receive this money back... or will they take this away from me? Since they figure personal expenses and transportation in the Financial Aid Summary, I am assuming I will receive this money back.

Does anyone know?
Post edited by knightforum on

Replies to: Financial Aid - Extra Money

  • dance2nite926dance2nite926 Posts: 201Registered User Junior Member
    I was told that if you have money left over, you get a "refund."
  • knightforumknightforum Posts: 316Registered User Member
    Hopefully that is true because I could definetly use it for college expenses-- laptop, books, clothing, etc.
  • grad2009grad2009 Posts: 2Registered User New Member
    You only get money back if it is a loan. Usually if it's a scholarship or grant they may take it away if you have too much money coming in because scholarships and grants are usually only "need" based. But I know that if it's a loan you get it back as a refund check.
  • davidng150davidng150 Posts: 66Registered User Junior Member
    I currently have the Florida Prepaid College Program, 100% Bright Futures, and the $10,000 Pegasus Gold Scholarship. The money that I have extra after paying for tuition/housing is sent back to me as a refund via direct deposit to my checking account.
  • knightforumknightforum Posts: 316Registered User Member
    grad2009 - Even if it is under the $17,000 that UCF considers the Cost of Attendance?
    There is no way I will ever take out a loan if I don't need it for tuition and housing. That would be pointless.

    I thought that the extra scholarship and grant money would be able to be used towards supplies for school.

    I will be emailing UCF with this question after I know my summer financial aid as well, but I thought I would get some feedback here first.
  • marlins97marlins97 Posts: 223Registered User Junior Member
    To a certain extent you are allowed to keep extra money. Usually with any scholarship you will get extra money back after all debts to the college are covered, I know this because I already emailed UCF with the same question lol. However, seeing as how you have both grants AND scholarships, what UCF MIGHT do is lower the amount they give u in scholarships so together ur awards don't go over the cost of attendence. Although clothing is a needed expense I don't know if you can make a case for that. Books and a laptop I'm sure ( well I hope ) they cover for you because those two things get pretty pricey =/

    Btw if you don't mind sharing, what was your EFC? Mine was 4188 so I don't think I can qualify for much financial aid if any at all besides loans ( which I dont want). Also, how do you check your award summary? Is it available online already? or does it depdend on wen u were accepted and/or submitted your FAFSA?
  • knightforumknightforum Posts: 316Registered User Member
    MY EFC is 0, so a lot of this is grants from the government. I don't think they could take scholarships away.. such as Pegasus and Bright Futures. Maybe my grants will go towards housing and tuition and the scholarships will go to me, I don't know. Also, they added a loan on my aid summary, but I won't be accepting it.
    Also, you said "UCF MIGHT do is lower the amount they give u in scholarships so together ur awards don't go over the cost of attendence".. but it is not going over the Cost of Attendance. UCF state "Total Cost of Attendance 17,420.00", which is lower than what I have been offered.
    This is what they provided on my.ucf.edu


    Estimated Financial Aid Budget Breakdown

    Fall 2009
    Category Description Amount
    Books and Supplies 462.00
    Room and Board 4,287.00
    Personal 1,138.00
    Transportation 900.00
    Tuition 1,923.00
    Term Total 8,710.00


    Spring 2010
    Category Description Amount
    Books and Supplies 462.00
    Room and Board 4,287.00
    Personal 1,138.00
    Transportation 900.00
    Tuition 1,923.00
    Term Total 8,710.00
    Total Cost of Attendance 17,420.00



    Therefore, I would assume that I would receive the extra money, after tuition and housing, for personal, books and supplies, transportation, and perhaps a meal plan or food.


    Go to my.ucf.edu - then click on Student Self Service.. scroll down and click View Financial Aid and click 2010 for the aid year, and they will show you Fall 2009 and Spring 2010 aid.
  • october4thoctober4th Posts: 160Registered User Junior Member
    that is just the summary of what you are expected to pay. Your not actually going to recieve that. I already asked the financial aid office when i visited ucf.
  • knightforumknightforum Posts: 316Registered User Member
    I emailed.. hopefully they will clarify.. because it does not add up. If I am receiving grants and scholarships that are lower than the COA, I should recieve that money. That is at least what other colleges do.
  • marlins97marlins97 Posts: 223Registered User Junior Member
    october seems to be right, that just looks like a breakdown of the cost of attendance, not aid. But with your EFC being 0 I'm sure you will receive a good amount of financial aid. And I totally agree with you about turning down the loan, I'm trying to avoid those at all cost. Here's probably the best answer to your question though. It's the answer that UCF sent me when I emailed asking if I'd be able to keep extra money since I have to pay for housing.

    "All awards that a student may receive (our scholarship, the BrightFutures award, Florida Pre-Paid, private scholarships, etc.) are added together and are considered as part of the student’s "award package." When the awards are disbursed each term, they will first pay any debts to the university (i.e. tuition, fees, housing, etc) and any remaining amount will be refunded to the student for his or her use during the term for other expenses. If a student’s awards are not sufficient to cover all of a student’s university debts, then the student will have to pay the difference by the payment deadline dates each term."

    What I get from this is that first your money goes towards tuition, fees, and housing if you have on campus housing. After that the leftover money is given to you and you can use it for books or food or whatever need you may have.
  • knightforumknightforum Posts: 316Registered User Member
    So then the answer to my initial question is yes.


    I knew that they were not going to match the COA.. but aid can not go over that amount.
  • knightforumknightforum Posts: 316Registered User Member
    I got a reply today,

    "Funds in excess of any balance owed on your student account will be refunded to you. "

    That is exactly what I wanted to see.
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