How does financial aid work?

Question

Does the studnet recieve a check and make payments to the school? Does financial aid go directly toward your account?

Answer 1

Generally financially aid is sent to the school. They will then deduct tuition and housing fees (if you live on campus), then put the remainder in an account through the school. You can use it to buy books, school supplies ect., and a few weeks after the semester starts, if there is anything remaining, they will issue you a check, or even direct deposit into your bank account if you set it up. Some schools will allow you to keep the remainder in the account (meaning not pay you) so that it may be used throughout the semester, and even carry over to other semesters (this is something you elect to do, it's not done automatically). There are variances from school to school, but for the most part this is about how it works. Good luck.

Answer 2

The proceeds from your financial aid will almost always be applied directly to your student account. This ensures that your financial aid (also called Federal Student Aid) is used, first and foremost, for educational purposes. By sending money to the school, the government/state is able to do a little extra double-checking to assure themselves that you are still eligible for (and in need of) the funding.

If your financial aid is more than the school needs to cover your billable charges (tuition, fees, dorm), then they will return the remainder to you, usually in the form of a "refund check." Although it is generally expected that you will use the excess funds to cover your housing or other educational expenses, neither the school or the government/donor will police the manner in which you use this refund check. You are "on your honor" at that point.

In rare cases, the donor of a financial aid award will send the money directly to the student. This rarely occurs with federal, state, and institutional (school) financial aid. Most often, it's only private lenders and private scholarship organizations who operate this way (since it's their money to lend/give however they please).

Answer 3

No, the check does not go directly to the student. The check gets sent to the college or university where it will be credited to your tuition bill in their accounting computers. If there is money left over, the college or university will cut you a check and send it to you. However, you will get a bill from the college or university for whatever was not covered by financial aid if your financial aid package works out that way.

Answer 4

Next to buying a house, planning for college expenses can be one of the biggest financial projects that parents and their children undertake. Four years of college costs tens of thousands of dollars, and it is increasingly easy to break into the hundreds-of-thousands range, especially for advanced degrees. Parents, you've probably wondered just how you can manage to send your child to the college or university that he or she has dreamed about and earned the right to attend.

We all hear horror stories about how much college costs now and -- even worse -- how much it will cost in 10 or 20 years. Regardless of what you've heard, it's not too late to find a way to make paying for college manageable -- not easy, but manageable. Paying for college is a family affair -- parents and students work together to make college affordable. Obviously, the earlier you start, the easier it will be. However, it's never too late to make a difference.

There are three basic ways to pay for college. You can pay for it before your child enrolls, while he or she is enrolled in college or after graduation. Many people use a combination of the three. Think of the wide range of options as a smorgasbord from which you select the approaches that fit your family's payment strategy. In this article, we'll examine how you can use college financial aid -- from scholarships to work/study jobs to student loans -- to help pay for that all-important education. Let's

Answer 5

Most of the time the Financial Aid goes directly to the school,if there is money left over the school will mail you the remander of the money.