Extra Money from FAFSA, what do I do?

mommdc
Sat, 19 Sep 2015 13:36:37 +0000

Do you have a bank account in your name? If not you should open one. Find a student checking or savings account with no fees or monthly minimum balance requirement.

You received your financial aid refund as a check by mail because you didn’t give the school the bank account info to deposit your refund directly.

My D had to specify an account for refunds. If you don’t do that they either issue a check or a prepaid debit card.
Depends on the policies of the school.

You should sign into your student account of your college and look up your financial aid award. Or your billing statement. It should list all charges for this semester, tuition, fees, room, meal plan, etc and also all credits to the account like scholarships, grants, tuition and housing deposit, loans, etc.

Then it should list an amount due or a refund due to you.

If all payments of scholarships, grants, loans, deposits, etc total more than the charges, then you receive a refund of the overpayment.

If you need the money for books, travel costs then you can use it. If you don’t need it put it in a bank account and save it.