Can someone explain the whole process to me?

Question

1. What happens if my scholarships exceeds my tuition and board Fees.
2. I dont understand how my money will be handled. After the tuition and board fees is deducted from the scholarships, who get the rest. Do they also deduct Books/Supplies Allowance, Transportation Allowance, and Personal Expense Allowance.if they dont deduct it, will the money be sent to me.

CAN SOMEONE EXPLIAN THE WHOLE PROCESS TO ME

Answer 1

1. If your entire financial aid package exceeds your billable charges (tuition, fees, and whatever else they send you a bill for), the school will refund the remainder to you. The money you get back is often referred to as your "refund check."

2. Usually, right before the start of classes, the Financial Aid Office will disburse (send, pay) all of your financial aid funds (a semester of term's worth) to the office that handles billing (a.k.a. Business Officer, Bursar). The Business Office will first apply your financial aid to your student account. After that, by law, they have 10 days to give you the left over money. For example, if you owe the school $15,000 in tuition/fees and your financial aid is $20,000, the school will take $15,000 to cover your costs and then refund the remainder to you. This refund might be in the form of a check or a direct deposit into your bank account. In most cases, books, supplies, transportation, (etc.) aren't things that show up on your student account. You can pay for these services/items once you have your refund check (or before, if you have money of your own).

Answer 2

You will have to read the terms of each scholarship. Usually, the tuition, room and board are paid directly to the institution. The rest may be paid to you or may be used to reimburse you after you show evidence that you have paid those expenses. If you don't see it stated, ask the grantor of the scholarship. Small scholarships from local groups are often paid directly to the recipient.

Answer 3

The best thing for you to do is get in touch with your financial aid office. You'll probably have to wait on the phone for a long time (get used to this as Financial aid offices are extremely busy). Once you speak to your financial aid advisor, he or she will tell you what happens to the excess.

In some cases--(this depends on your individual school) you'll get a refund check to purchase your books and supplies, transportation money, et cetera.