When people think of using financial aid to fund a college, technical school or university education, they normally think about the funds awarded to the prospective student going only toward the student's tuition. If you are a prospective student, you may be surprised at the ways your financial aid can be applied. You may be able to use your financial aid to purchase or rent textbooks.
Financial Aid Eligibility
You are eligible to receive federal financial aid if you meet certain requirements. You must be a citizen of the United States or an eligible non-citizen. You must have a valid Social Security number. You need to have your high school diploma or a GED and have been accepted to a school of higher education at which you will be working toward a degree or a certificate. If you want to obtain a subsidized loan, you must demonstrate financial need. You can demonstrate your financial need by completing the Free Application for Federal Student Aid (FAFSA).
FAFSA
The FAFSA prompts you to provide the details of your financial situation as well as the financial situation of your parents. After completing the FAFSA, you will receive a Student Aid Report, which summarizes the information you provided on your FAFSA. The Student Aid Report also includes your Expected Family Contribution. The amount of financial aid you receive depends, in part, on the amount of money your family will be expected to contribute to your education. It also depends on the amount of money you will need to cover your tuition.
Refund Check
After you have enrolled in an institution of higher education, your financial aid award is applied to your tuition and fees. If you have any amount of the award left, you receive a check. If you do not pick up the check at your school's financial aid office, it probably arrives in the mail. You can cash the check and use the money to rent textbooks. You can also take care of other expenditures that relate to your schooling.
Caution
If you receive a significant amount of money in your financial aid refund check that you will not need to use for educational purposes, you should return the excess money. Do not use the money to throw parties. If you do, you will end up regretting the choice to keep the excess money when you are paying it back years down the line.
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