what happens to leftover financial aid money

One reason is that they miscalculated the amount of financial aid that they need. If the amount you have is above that, your school will reduce your aid award accordingly. It doesn’t award anything, it’s how you apply for financial aid. Because im getting an 8000 dollar scholarship per year from my college, and only need to use around 1000 from the pell grant. It doesn’t award anything, it’s how you apply for financial aid. I got an amazing amount of financial aid for my first year at college. ... Financial Aid Associate, here. Financial aid funds are first sent to the school where the college's charges, such as tuition and fees, are deducted. It more than covers the tuition, whether I live there or commute. If you earned scholarships and grants that amount to more than your total cost of attendance, your school may send you a refund. However, my mother said that they do not allow you to keep the remainder of the money that is left over. ... (except for the Pell grant if you are eligible). Let’s be clear here: the FAFSA is an application (Free Application for Federal Student Aid). If there is money left over after the charges are paid, the difference is refunded back to you, usually in the form of a check or debit card. Hey, im a senior in highschool at the moment. Many schools limit the amount of financial aid any single student can receive. You might not think of your student … Excess student loan money can tempt students into unmanageable debt, especially young adults without much experience handling credit, but also become essential to funding an education. In some ways, this may be beneficial to the student -- it eliminates the possibility that the student will mismanage the money. Because if so, i am going to have to get a second job to pay for all of my books. I do Not believe there is any such thing as unused Pell Grant money. Your refund is the amount of money left over after all of your scholarships, grants, and federal and private student loans are applied toward tuition, fees and other direct educational expenses for the semester. However it will depend on Rutgers' policy about what happens when the merit aid exceeds the cost of attendance. The colleges award all financial aid. The colleges award all financial aid. How you might have money left over from financial aid. How you might have money left over from financial aid What to do with extra student loan money Use your leftover FAFSA money and student loans wisely. ... you can receive a total amount of financial aid up to the cost of attendance for your school.