What happens if you get too much financial aid like grants and scholarships?
What if you got $5,000 over cost of attendance, will grants and scholarships only pay cost of attendance? Can i keep the money for personal expenses?
Mississippi:
The answer is "no". The regulations that govern the financial aid program are clear that a student can not "profit" from financial aid.
Your maximum aid eligibility is equivalent to your Cost of Attendance (and actually, not even that, but to your "unmet need").
Any money that is received in excess of your COA will be trimmed to ensure that you don’t exceed the legal limit.
Financial aid is not intended for personal expenses that are not school-related, and any "extra" money will be returned to the "pool" so that it can assist other students who do need help with their educational expenses.
I am sorry for the disappointing news, but I trust that you can understand why the system is designed with that limitation.
Good luck!
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If you have too much money for your freshman year then it will go to your sophomore year (some scholarships will do this) but no you cant use the money for your own personal expenses.
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i dont know for 1000 percent sure when talking in terms of grants and scholarships, but i do know that when loans are involved they give you the excess money in a refund check so im assuming that you will get that money in a refund check just before each semester or quarter. but i would check that out, i have never known anyone to go over with just grants and scholaships, but the system is designed to also help with personal expenses so you can ignore the dumb person who posted before me. the money should carry over the next year, i dont know what college she goes to. lol.
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current college student.
Mississippi:
The answer is "no". The regulations that govern the financial aid program are clear that a student can not "profit" from financial aid.
Your maximum aid eligibility is equivalent to your Cost of Attendance (and actually, not even that, but to your "unmet need").
Any money that is received in excess of your COA will be trimmed to ensure that you don’t exceed the legal limit.
Financial aid is not intended for personal expenses that are not school-related, and any "extra" money will be returned to the "pool" so that it can assist other students who do need help with their educational expenses.
I am sorry for the disappointing news, but I trust that you can understand why the system is designed with that limitation.
Good luck!
References :
Grants and scholarships are money that is given to you. I usually get a Cal Grant B which is about 1,500 and a PELL grant, which is about another 1,200. The school takes the money to cover my tution and fees and still sends me a 1,500 dollar check 3 times a year. If my school fees are already covered, of course I use the rest to pay for gas, parking at school, books, supplies, food, clothes, etc.
I used to splurge with my financial aid money, but now im older and have to pay rent and other important things come up, so there’s less money to use on fun stuff. If you have over $5,000 left, it must be a lot of scholarships for being a good student? Usually scholarships are given becuase of good grades, so of course you can use it for personal things, you’ve earned it.
As for grants, they only send like 1,500 or so a SEMESTER, every 4 or 5 months, so it’s not even a lot! We get financial aid because obviously our families dont make a lot of money and neither do we, so it makes sense we’d use money to keep a roof over our heads while we’re in school trying to make a better life for ourselves.
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