Q&A: what happens to the left over money from my college grants?
September 10, 2010 by Guest Author
Filed under More Grants Answers
Can you answer sadestmomever’s question?:
im going back to school and have never dealt with grants before. my classes cost less than my grants, what happens to the balance of the money?
Please leave your answer in the comments below.
you get it back, usually you get it deposited in a bank account that you have authorized your college to deposit to or you simply get a check
At my school, they applied the “extra funds” to my student account. I used some of the money to purchase books and supplies from the campus book store. By September the financial aid office distributed a refund checks for the remaining balance. Good luck in school!!!
With my college, I had a choice of what happened with the left over money. One choice was to have what was left over forwarded on my account for the following year or term. The other choice was for the left over money to be deposited into my bank account. For half of the year I did the first choice, then I ran into some money issues and switched to the second. If you have to money deposited into your bank account, you will be able to use it and trust me it will be hard not to use it. Talk to someone at your school to see what choices they have. My school would have me sign the checks and tell them which choice I wanted at that time.
You will get all the money back and you can do with it what you want to. This is why i personally buy my books online and float the balance on my credit cards till i get my finaid refund, it is WAY cheaper to buy used books online and pay credit card interest than it is to pay bookstore prices. Remember that Spring Break is coming up in the spring and you will need to have money saved up, and that you do not get pell grant in the summer and only loans, so if your going to summer school you might want to save a little for summer fun.
education.mypressonline.com – it provides some tips about applying to US federal and state grants for college students.