Can you pocket FAFSA?

Even though college financial aid may seem like free money, you can’t spend it on anything you want. You can only spend your federal financial aid money on purchases that are necessary for you to continue your studies. These necessary purchases may be defined under your school’s itemized cost of attendance.

Is FAFSA mandatory?

Any student, regardless of income, who wants to borrow federal student loans (also known as Stafford or Direct student loans), must fill out FAFSA to get access to these loans. In addition, any parent, regardless of income, who would like to borrow the Parent PLUS Loan must also fill out FAFSA.

What happens to the left over money from FAFSA?

Grants and Student Loans Typically, the school first applies your grant or loan money toward your tuition, fees, and (if you live on campus) room and board. Any money left over is paid to you directly for other education expenses.

Does FAFSA money go to your bank account?

Your student aid will cover an entire academic year and will be disbursed over at least two payments, typically at the start of each semester. Depending on your school, you may receive your financial aid in the form of a check or direct deposit to your bank account after all other college expenses have been paid.

Do you need to fill out FAFSA if you don’t get financial aid?

The forms that come along with the college admissions process can be a nightmare. There are college applications, scholarship applications, loan applications, and not to mention financial aid forms. So, it may feel like a relief to think maybe you don’t need to fill out FAFSA because you won’t get financial aid.

Do Colleges really look at the FAFSA?

Well, that’s not quite true. While the FAFSA certainly helps students qualify for need-based financial aid from the government and college, that’s not the only reason colleges look at it. Here are some reasons you should fill out the FAFSA even if you don’t expect to qualify for need-based aid.

Can’t get financial aid because your parents make too much money?

And even if you figure you can’t get financial aid because your parents still make too much money to qualify, it’s worth your time to fill out the FAFSA. Why? The FAFSA is the form you use to report family information used to determine your federal financial aid package, including student loans, scholarships, grants and work-study.

Should I fill out the FAFSA or Sallie Mae?

For college expenses not covered by scholarships and federal loans, College Raptor has partnered with Sallie Mae to bring you loans with great repayment options and competitive rates. Unless you are planning to pay full sticker price out of pocket for college (and you don’t mind), it is almost always a good idea to fill out the FAFSA.