I got a check from college do I have to repay?

Question

Ok this is actually the 2nd check I receive from college, and the amount on the 1st check was about $1,200 and the second was for $2,776, I have already cashed these checks but I am not sure how it is that I am receiving large amount of money...However on the back where I endorsed the checks this is what it said:"By endorsing this check the payee agrees to maintain eligibility for all financial aid funds awarded, including but not limited to federal title IV funds awarded under the higher act of 1965-present, and agrees to repay to ashford university any and all amounts for which the payee is not eligible regardless of cause or date of determination" I am confused because I have no idea what this means and dont know if I have to pay this money back...has this happened to anyone?

Answer 1

If you are receiving student loans then this is the amount that was left after tuition and books were paid. Because it is leftover from a loan, yes, you do have to pay it back.

Answer 2

From my experience those checks you're cashing are loans. And usually have very high interest rates to go with them! Yes you will need to pay them back, and you must stay eligible for school to prevent having to make payments. So be very aware of those checks! They are considered debt. By signing them your are, in essence, signing a loan agreement. So save that money and spend it wisely! You will be expected to repay it! Check into the interest rate, you can probably apply for lower interest rate student loans from a bank of student loan institution. Good luck!

Answer 3

If you have applied for a student loan, and have signed the

checks. It is your debt, whether you are attending collage or

not. <}:-})

Answer 4

It sounds like you are receiving a refund from the school.  After financial aid is used to pay your tuition and fees, anything left over is sent to you as a refund check.  I'd call the college's business office and ask them what aid program(s) caused the refund check to be issued.  If it's a student loan, if you don't need the 2nd check for living expenses maybe you can cancel the loan or make a payment so you don't accrue interest.

Answer 5

Every time I get money back it's because they were overpaid by the student loan for that semester.  So that money IS yours, HOWEVER you will have to pay it back later.  Trust me.....I'm in the process  of paying mine back now.  So you could go ahead and use the money for whatever you may need, but you will have to pay it back later....normally 6 months after you graduate.

Answer 6

I get money because of my grants.  If your getting Federal Pell grants or anything like that then yes its yours.  Its what they give you if you have left overs or for your living costs.

Answer 7

They could be sending you this money for any number of reasons, usually over payment on tuition. Best bet? Call the school find out whats going on, it may have been an error and you might have to repay it. The thing on the back is just stating that by signing you agree you are owed this money if something were to occur and you weren't owed what they paid you than you must pay back whatever wasn't owed to you.