Extra Money from FAFSA, what do I do?

twoinanddone
Fri, 04 Sep 2015 09:01:26 +0000

FAFSA doesn’t actually give you money (it’s an application for federal grants and loans), so you need to know from which source you received the funds. Pell grant? SEOG? Stafford loans? Look at your financial aid award from your school and figure it out.

It’s your money (but if a loan you’ll have to repay it). If it is in your account next time you file FAFSA you’ll have to report it as an asset unless you can proved that it was from FA. Keep in a separate account, or keep records that the amount balance has never gone below this amount.