What if I accidentally received more federal student loan or grant money than I was supposed to?

What if I accidentally received more federal student loan or grant money than I was supposed to? Once you’ve repaid—or made arrangements to repay—the excess, you’ll be able to receive additional federal student aid (assuming you haven’t reached the maximum amounts for all programs for which you are otherwise eligible).

What happens if I accidentally mess up my FAFSA?

If you think you’ve made a mistake or you get your financial aid award letter and the amount of aid is lower than you expected, the first thing you should always do is reach out to your school’s financial aid office. They have experts who can pull up your file and go through everything with you.

Can you go to jail for making a mistake on FAFSA?

You may be charged with a felony. Lying on a federal document like the FAFSA is a felony. You, or your parents, face up to five years in prison and/or a $20,000 fine.

Can you return FAFSA money?

You can cancel all of or a portion of a loan disbursement within 120 days of the date your school disbursed (paid out) your loan money. If you choose to cancel the amount disbursed, you will return the money you received, and you will not be charged interest or fees.

Should I accept all of my financial aid?

It’s important to know that you’re under no obligation to accept all the federal student loan money made available to you. You can accept all, some or none of the federal student loans you’re offered. Your award letter may also include scholarships or grants, which is genuinely free money you never have to pay back.

Can I edit my FAFSA while it is processing?

Updates: If Your Situation Has Changed Most information cannot be updated because it must be accurate as of the day you originally signed your FAFSA form. For example, if you spent some of your savings after filing the FAFSA form, you may not update your information to show a change in that amount.

How many times can you correct FAFSA?

When you submit the FAFSA you can list 10 schools at a time. If you want to add different schools, you can replace schools with new ones after the fact. But if you make additional changes afterward, the removed schools won’t receive any updates.

Can I Unsubmit a FAFSA?

You can edit your FAFSA even after you submit it. This means you can correct mistakes, update information, and add or delete schools.

How many times can you correct your FAFSA?

School FAFSA® Corrections You can add or change schools as often as you need to, but no more than 10 schools can be listed on your application at any given time. If you’re applying to more than 10 schools, list the first 10 and wait to receive your SAR, then list additional school codes.

Can you pay back a loan with the loan money?

While you can often use one loan to pay off another, be sure to read the fine print of your contract first and be wise about your spending habits. For example, “a bank may require the money be used to pay off existing debts, and even facilitate the payments to other lenders,” he said.

What are some common mistakes when filling out the FAFSA?

You’ll have a better chance at receiving money for college if you avoid several common mistakes when filling out your Free Application for Federal Student Aid (FAFSA®) form, such as not completing it on time, not filling it out correctly, or forgetting to sign and submit, among others.

Why fill out the FAFSA form?

Also, the FAFSA form is not just the application for the Federal Pell Grant. It’s also the application for Federal Work-Study funds, federal student loans, and even scholarships and grants offered by your state, school, or private organization. If you want to get the most financial aid possible, fill out the FAFSA form ASAP.

How do I make a correction to my FAFSA form?

Making corrections to your form is easiest online, but you must wait until your application has been processed. You can make corrections or updates to your FAFSA form on the Federal Student Aid website. My Information Changed.

Is there a “cut-off” for FAFSA?

For one, contrary to popular belief, there is no income “cut-off” when it comes to federal student aid. Also, the FAFSA form is not just the application for the Federal Pell Grant.