2007-02-21 06:06:19 · 5 answers · asked by denkamran 2 in Education & Reference ➔ Financial Aid
A scholorship you do not have to pay back financial aid only if it is a loan and they will bill you. If it for college and it is a loan you don't have to pay it back untill you graduate.
2007-02-21 06:15:11 · answer #1 · answered by ♫Rock'n'Rob♫ 6 · 1⤊ 1⤋
You don't need to pay back grants or scholarships. They are basically gifts that you're to spend on education.
You DO have to pay back loans (maybe that's what you mean by financial aid?). Where did you sign to start receiving the loans? One may be Sallie Mae (a typical school loan company). Once you leave school, you'll do a loan exit interview through your financial aid office at the school. You will receive a payment plan letter in the mail about 6 months post graduation or leaving school. If you are planning to return to school, you must return within 6 more months because after 12 months you are required to start paying on loans. If you have graduated and don't plan to go back to school, once you fill out the style of repayments you want to do (the amount and how long it will take you to finish paying), you'll receive your first bill a year from the last day you were in school (approximately).
2007-02-21 09:25:13 · answer #2 · answered by mandirae23 2 · 0⤊ 0⤋
A scholarship is a reward for schooling, so you don't have to pay it back. If the financial aid is a student loan, then you don't pay it back until you are finished all of your schooling. At that time you have a 6 month waiver of payment to save a bit of money and find a job, then they will bill you. (Usually direct payments out of a bank account) It usually comes out in low interest monthly payments over a set period of time. If you are ever having financial difficulty paying off the loan, you can ask for a 6 month period of skipped payments, in order to organize your finances, at which time the payments will proceed.
2007-02-21 06:46:44 · answer #3 · answered by Elle3 4 · 1⤊ 0⤋
You don't have to pay back a scholarship. It is an award for your achievements that helps you go to school or whatever. Financial aid is usually something you don't pay back either. If whatever aid you got was a loan you will need to repay that, but any grants or scholarships you have to worry about.
2007-02-21 06:29:33 · answer #4 · answered by froggsfriend 5 · 0⤊ 0⤋
Loans, yes. The rest, probably not.
The BEST answer :) is to contact your financial aid office and find out their procedure for handling this situation. It varies from school to school
2007-02-21 06:55:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋