What is a college refund check?

College Financial Aid Refund Check...Big amount?

• K I already asked this question but I didn't approve enough details so here it is again. I am about to start college in the week after next week, August 30. I have did the FAFSA earlier this year and they told me my EFC and told me I am elgible for financial aid. My EFC is so low, actually it's zero. I am living with my mom who recently got a divorced with my dad just two years ago. I don't plan on living on campus since the college I am going to is just five minutes from here. I have already registered for classes. K for the fall semester I am getting about$7,300+ for financial aid. NONE ARE LOANS. It's a total combined of the Pell Grant, Texas Public Ed Grant, Academic Compeitiness Grant, and the Texas Grant. Also a scholarship that I won in which is $4000, but half for the fall and the second half for the spring semester. My tuition at the college is only going to be about $1,500+ My books are estimated to cost around $430 in all. Tools needed for certain classes will estimate to cost around $70. (it's a technical college) My financial aid is like $7,000 and the total I am about to spend for my fall semester is going to be like $2,000...so $2K minus $7K equals $5K....I am going a refund check that big for my fall semester? Remember, the $7,000 financial aid amount is only for the fall semester. This is only for the fall semester y'all, thaat means from August to December. Am I really getting that big a refund check? What about taxes? What about other fees? Is my college going to take some of that money away for their campus?

• Answer:

  When colleges look at how much financial aid you need, they are look at not only tuition and fees, but books, supplies and living expenses that you need to take care of, such as rent, food, transportation, etc. They take an average of how much it will cost people - some people need more, some less. So, yes, that it how much you should receive. It's primary purpose is to help finance your education, NOT a free check to spend on hookers and beer. When looking at what to do with the money, consider a few things: 1 - You won't receive this much every year. Consider putting away at least $1000 out of each semester to save for next year. Since it is a large lump sum, consider purchasing a CD (certificate of deposit). 2 - Do you have a computer for school purposes? Is it up to date? Are your internet costs paid for? 3 - Do you have appropriate clothes for job interviews, internships, etc? Consider purchasing one or two "professional" outfits. 4 - Since your financial aid covers your expenses and you won't need to work, consider using that freedom to volunteer. In high school, it's all about padding that college application - in adulthood, it's all about padding that resume. It's important to build professional contacts that can serve as references and to get a variety of experiences you can point to in interviews as learning opportunities where you were able to complete projects or work with different kinds of people.