Extra Money from FAFSA, what do I do?

BrownParent
Fri, 04 Sep 2015 10:34:15 +0000

FAFSA is just a form you fill out to file for aid (free application for…) so don’t call it that.

If you got grants that are greater than your tuition/ fees any any other direct costs, then it is refunded to you. You get to keep it, no one will take it back. It is meant for books and personal expenses and maybe room and board if you aren’t living on campus. But you get to keep it even if you don’t spend it.

Now when you have to file FAFSA next year, you are supposed to report any money sitting in the bank. Student accounts are counted 20% toward your EFC. Parent are counted only 5.6%. Also you are supposed to count income but grants given to you are not income, do not count it. However I have heard that if it is kept accounted for as coming from that, they you don’t have to report it, that’s why people say keep in a separate account.