I, thankfully, have received a “full-ride” with my financial aid. I got a scholarship and the rest are grants. I say this not to toot my own horn (I did that when I first got it :P), but rather to ask how do I buy school supplies with the money? Do they put the excess amount on a card or something that I can buy stuff with? I’m sorry I’m so clueless, it’s just that I’m the first child in my family to go to a university in this country. Thanks!
No. You will need to buy everything up front with your own money and your university will refund the excess money later in the semester via check or direct deposit. Usually after the add/drop period, which is usually several weeks into the semester.
Fall refund checks for my scholar didn’t hit until October. Start up costs were around $1,500, so I suggest if you possibly can, getting a job to earn that money. I’d also recommend setting up a budget
We did something like this:
Monthly Budget Monthly Cost
CellPhone 55
Eating Out 60
Groceries/toiletries 30
Laundry 10
Entertainment 20
Transportation 20
Misc. 10
Monthly Total $205.00
This was our initial supply list:
Start up Cost One time $
Mattress Pad 55
Comforter 50
Blanket 30
Laptop 500
Towels 50
Clip lamp 25
Clip fan 25
Wallet/money clip 35
ethernet cable 15
Underbed storage 40
water bottle 12
bulletin board 10
pillow 40
door hanger 15
shower shoes 10
iron 15
box fan 20
cell phone 200
rug 30
closet organizer 50
mirror (?) 20
Total Start up 1247
Other people gifted him these items:
Toiletries School Supplies
Shampoo Notebooks
Soap Paper
"Mouthwash
" Binders
Toothpaste Pens
Toothbrush holder Pencils
Razors Calendar
"Shaving Cream
" Bulletin Board
Contact lens solution Snacks/kitchen stuff
Deodorant Gum
Toilet paper Protein bars
Bathroom cup (balloon cup) Cereal
Bath mat Shakes
lightbulbs (what size) Honey
Trash can Sugar
Cleaning supplies Mug (to go/microwave)
Toilet bruch Ziplock bags
shower spray half/half
toilet bowl cleaner fork/spoon/knife
broom/dustpan bowl
sponges Paper plates
paper towels hand soap
Extension cord
surge protector
sticky holder (contact)
thumbtacks
bulletin board
Thanks to both!
Some of those dorm supplies could often be brought from home: pillow, towels, blanket, trash can, paper, pens/desk supplies; or from resale, garage sales or Goodwill: desk lamps, hanger, mugs, throw rugs.
You will need $$ for books- look for used or resale online sites or rentals. Read the forums for your college or post to ask when surplus funds and typically returned to you and how. Some schools direct deposit to your bank, some offer a loaded debit card. My D worked 3 jobs the summer before freshman year to save funds.
You need to contact your school to see when they refund the extra FA. Some schools like my daughters are extremely fast (1-3 days after the tuition is due). Others are extremely slow.
Try to set up a bank account and arrange for the refund to be directly deposited into your account. That is usually the fastest way to get your refund.
My understanding from one of my mentees was that the school holds on to the refund because the Fed Govt doesn’t pay out the Pell Grant money until a certain number of days into the semester to make sure the student is actually attending. That may explain why some refunds are slower.
agree with noname, make sure you have a bank account set up ahead of time. It does not have to be local to the college or U. You will get a debit card you can use anywhere.
I already have a bank account.
Don’t forget about the income taxes you will likely owe.
See IRS Publication 970.
Yes, scholarships and grants above tuition, fees and book expenses are taxable.
This really varies by school. A few (probably very few but IDK) make sure low income students have funds for this, via a start-up grant, or a quick refund of excess aid. Best to call the financial aid office and ask.
Yes, this varies by school. My undergrad issued refunds before school started so we could buy supplies. At a local college, you can charge supplies to your account and that will cut into your refund but that way you can still use the school’s funds to pay.
Alright. I’m attending the University of Michigan, Ann Arbor. I know any money used for anything other than tuition, fees, and expenses is taxable. Do fees include living expenses? Again, sorry for my ignorance.
No, “fees” do not include living expenses. Fees are things billed separate from tuition. Everyone, for instance, will be billed fees for technology or health office/wellness. Students enrolled in lab science courses will probably be billed for lab fees, but not everyone has these fees, obviously. Not all fees are qualified education expenses (the parking fee, for example). Any gift aid you receive that covers living expenses, even if billed directly from your college, will be taxable.
alright, thanks
how do i report the income? like if they ask for my income and I say the few thousand I used to pay for non-educational purposes, what do I say the source is?
Not all fees are part of QEE (qualified educational expenses). Fees for health insurance and for transportation, for example, are excluded.
Ask at your school if they will release any scholarship funds before the semester starts. Some schools will, but not federal funds like Pell. Another option for books is that they allow you to charge at the campus bookstore and that charge gets paid when your FA comes through. If you have any outside scholarships, those might be sent to you and while you report them to the FA office, you actually have the money.
@twoinanddone , thanks for the info! Do you know, however, if report non-educational expenses? Like the only reason I got these scholarships and grants is because my family falls below the poverty line but using the remaining money for dorming and other non-educational expenses might make it seem I have a significant income and I don’t want to lose my FA, but I can’t get around not dorming the first year and I might need something non-educational while there.
Most schools require you report all scholarships. It isn’t an option not to do it.