Can you keep money left over from financial aid?

Question

I know someone who has about 4,000 more than she needs, will she be able to keep it?

Myself I just got enough to barely make tuition, I work to save money to buy my books, and gas.

I don't understand why they give so much extra to others that don't need it.

Answer 1

Can she use the extra money for something related to schooling?  For instance, if she drives herself to school, perhaps she could get a better car.

Answer 2

No, the money will just be moved to the next semester if it isn't used for this semester. Keep in mind this isn't a loan, it is money used solely for educational purposes. In your case, you should have your financial aid counselor go back over your FAFSA form to make sure everything else was filled out properly or if their are any corrections that could be made so you can receive more money. Also, speak with your counselor to see if there is someone of higher power who may be able to assist you with this. I spoke with another lady in my Student Services department and she signed me up to receive $3,000 more in grants and scholarships that were dependent on my GPA and status. There is always more money just keep looking.

Answer 3

Yes you can keep the extra.  But be aware many people get different KINDS of financial aid.  One person may get a huge amount of loans that have to be repaid, and another may opt to not do any loans and get not much.  If she is taking out loans, she'll eventually have to repay it.

Answer 4

I noticed a lot of your responses are conflicting, so please allow me to explain and clear things up.

First off yes you can keep the remaining balance of the disbursement you receive. Say for instance you get $4000 and for arguments sake you receive two $2000 disbursement checks and your fees only come to $1500 for the first semester than you keep the remaining $500 for yourself. Fafsa and Pell Grants aren't like loans their free money for school that do not need to be repaid, you receive the check from your  schools financial aide department.

You can use for financial aide on items associated to school such as computers, books, tuition, etc... The money is not however supposed to be used for vehicles or other purchases, although there is really no means of detection.

Scholarships act similarly to the aforementioned financial aide. Loans on the other hand depend on the company, some will go directly to you and others will go to the school and these can be used for any educational expenses, but this money must be repaid with interest.

Answer 5

yes you can keep the extra money but if it is a loan it will have to be paid back so she will have to take that into consideration.

When you recieve financial aid it depends on many factors:

1. Each school gives out different award amounts (so you may get $10,000 from one school and $8000 from another

2. The amount of money you and your parents made the year before

3. The number of children that your family is putting through school

I know it doesn't seem fair. My dad never gave me a dime growing up but they still took his salary into account.

good luck in school!