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Sheila

Financial aid/tuition question ?

My son is going to a college in our home state that has given him his financial aid package and we accepted it. It consists of scholarship, pell grant, grant from actual college and both subsidized and unsubsidized Stafford loans. It totalled $14,050. That is the school’s estimate of tuition, including dorm and meal ticket. Their web site also now says the real cost is supposedly actually only $12,900. They do the package to be sure he has enough to attend. So, what happens to that extra $. Can he use it on campus for expenses, such as supplies? Or does the aid office take it back and put it on the Stafford, or what? This is my oldest and first experience with college, etc. We have had so many questions!

Top 6 Answers
caba

Favorite Answer

As long as his aid does not go above the school’s COA (Cost of Attendance), your son should receive a refund check from the Business/Bursar’s office.

Most schools will take what the amount is for that semester (the tuition, fees, room, and board) and transfer the financial aid awarded over. If the financial aid exceeds what is owed, then a refund check will be issued. If what is owed exceeds the financial aid awarded, then money you have to pay the difference.

If your son is going to be getting a refund check, then he will be able to use it for books, supplies, and living expenses. Some schools will even automatically issue a refund check and deposit it into a student’s bank account without the student having to do anything.

I know it can be a very daunting experience for parents and students when a student goes to college for the first time. Most schools are able to disburse funds up to a week before classes begin, so that’s when refund checks start to be issued. Your best bet is to check with the financial office to get a timeline of what will happen when for that particular institution.

Good luck!

0

pwernie
Check with your financial aid office for details as to how they will handle the ‘overpayment’.

If I were in your shoes, however, I would rather NOT have the extra cash. Instead, I would reduce the amount of the unsubsidized Stafford loan. Why increase the amount you have to pay back WITH INTEREST if you can afford to reduce the initial loan?

0

butterflies_n_zebras
Hi — Every college handles this differently. Call the college financial aid office and ask what their policy is. I know — it can be a really confusing, crazy process! But the financial aid office knows just what to do.
1

egcaki
I’d call the college….bc NO school around here issues refund checks. My extra balance is keep on my school account for the next year and can be used to buy books etc at the bookstore.

Few colleges will cut YOU a check to attend there school.

0

Knockfirst
yes. they college will have a nice shiney check waiting for you. the amount will be the difference minus a small amount for processing. make sure to keep up with the schools bursar’s office because they will often forget to contact you and thus put it as a credit towards his next semester. my experience is to be proactive chasing the check down and make sure they know you want a check versus a credit.
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Anonymous
You can get free scholarship info here:

http://www.thebigwww.com/scholarship.html

Don’t forget to enter the $10,000 scholarship contest.

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