What do I do with extra FAFSA money?

What if I Take Out More Loan Money Than I Need? It is possible that you miscalculated your expenses for the year and asked for more money in student loans than you actually need. Your school will still send you a refund check in this case, but keep in mind that the money you receive is still borrowed money.

What happens if I don’t use all my financial aid grant money?

If some of your grant dollars are unused, the school will issue you a Pell Grant refund. You may receive a check for the remaining amount, or the school may transfer it via direct deposit into your bank account or student account.

Can I use fafsa money for a car?

You cannot use student loans to buy a car. You also can’t pay for the purchase of a car with financial aid funds. In particular, a qualified education loan is used solely to pay for qualified higher education expenses, which are limited to the cost of attendance as determined by the college or university.

Do you get to keep leftover FAFSA money?

If there is money left over, the school will pay it to you. In some cases, with your permission, the school may give the leftover money to your child. If you take out a loan as a student or parent, your school (or your child’s school) will notify you in writing each time they give you any part of your loan money.

Can I use FAFSA money for a car?

Do you get to keep leftover fafsa money?

Does fafsa see your bank account?

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

Can you buy a car with fafsa money?

Can I use my fafsa money for gas?

Your financial aid package may provide a travel allowance that will help you travel to and from school. You can use your financial aid money to pay for gas to get to and from school or airplane tickets if you live too far to drive. However, you cannot use the money to purchase a vehicle for transportation.

Does FAFSA money go into my 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.