I have extra Federal and state grant money from college. Can i use that money to help pay my rent for off campus housing while im enrolled in college. What should i do? Should i do this??
2007-03-07 03:07:28 · 5 answers · asked by Bethany R 1 in Education & Reference ➔ Financial Aid
Housing costs are acceptable ways to use extra financial aid funds for the term. You are not supposed to use the fund to pay off credit cards or to pay car payments but financial aid advisors know it happens, just don't tell them.
2007-03-07 03:51:12 · answer #1 · answered by appylover 4 · 0⤊ 0⤋
The extra money is to cover your cost of attending school. This includes: housing, meals, transportation, books and various miscellaneous cost.
If it's from grants I would recommend using it to pay your rent ahead of time, just get a receipt from your landlord/property manager, showing that you've paid the months of April and May already, lest they 'forget'.
If the money is from loans, I would recommend figuring out how much you really need, and decreasing the loans. Sure you might only decrease the loans by $1,000 this semester, but consider 8 or 9 semesters of college and you've saved yourself around $100 a month in repayment.
2007-03-07 11:27:49 · answer #2 · answered by Aron K 2 · 0⤊ 0⤋
When you receive a financial aid refund check, left over amounts of money from any grants, loans, and such that you got to pay for college, it's yours. My husband and I used to take out the max amount in grants and loans and then we'd use the money from the refund check to pay all our bills for that semester. You can pay bills, buy clothes, do whatever you want with that money. It was given to you. Remember, though, that loan money gets paid back later and grant money eventually gets paid back once you get a job and start paying Federal taxes.
2007-03-07 11:17:08 · answer #3 · answered by Melissa M 2 · 0⤊ 0⤋
yes....you should get in the form of a refund check, and theat what i do with mine. also, if you need more help you may be able to get additional loans, not a great idea but i know where i am living with a roommate off campus is cheaper and i have more space. i had an aditional loan last year and if you have good credit (which i do) your interest rate shouldn't be too high.
2007-03-07 11:19:29 · answer #4 · answered by butterflygurl085 3 · 0⤊ 0⤋
it can be used for housing, says so in your contract. I used some of mine to buy a car last year, cuz i really needed one. as long as everything is paid for do what you need to with it.
2007-03-07 11:10:51 · answer #5 · answered by LoverOfQT 5 · 0⤊ 0⤋