<p>Say that my expected aid is set around 5,000. Also, imagine that the billable cost is around 3,000 (without “other expenses,” which include the school’s estimation of how much I will use for books, travel, personal spending, etc)
What would happen with the difference of ~2,000?
Would it reduce my loan?
Can I receive the difference to my bank account and use it for other expenses (books, travel, etc)?
Does anyone have any experience with situations like this?
Thanks.</p>
<p>Once the direct charges are paid the excess aid (other than work study of course, which has to be earned in a job and is paid in a paycheck) should be paid to you. </p>
<p>When this happens depends on the school. At my daughters school the Semester’s direct charges are charged to the bursars account and the semesters’ loans/grants/scholarships (not work study) are credited to it. If there is money left over she gets a check about the 3rd week of school one the add/drop period is over. At my son’s school it takes about 6 weeks. They both live off campus and use financial aid money to pay rent and bills.</p>