3 0. By Emma Kerr , … Technically you can use your financial aid for whatever the hell you want. Money) From the FAFSA. The only way to do this is to pay for the books with your own money and then if you have any excess financial aid after your tuition and fees are paid the school will send you the excess. Educational expenses do not include … Tracy. Be proactive, study and take it serious and you can really make this college thing work for you. Work-study programs are offered to graduate, undergraduate, and professional students that need extra financial assistance. It pays to file early (literally). The only thing that would be different between the two colleges is the amount of money you get issued in financial aid after submitting the FAFSA to the federal student aid office of the U.S. Department of Education. The exact types of awards you get depend on both need-based and non-need-based aspects of your application. You can use your financial aid money to pay for gas to get to and from school or airplane tickets if you live too far to drive. For instance, the Pell Grant is a need-based grant determined by your EFC (Expected Family Contribution). Money you hold in a 401(k) or an individual retirement account aren't considered assets on the FAFSA. Most students qualify for at least some aid. You should use that money to decrease the amount of loans you would have to take out anyway. Any remaining funds, after tuition, fees, and bookstore charges, will be issued to you as a refund. ... scholarships ask if you've applied for financial aid. While your school and the government won’t be monitoring the money in your bank account, it’s a good idea to use your financial aid refund only for necessities. They’ll send this information in a financial aid award letter. Another common scenario is using student loan money to fund emergency expenses. Even if you don’t think you’ll get a significant financial aid offer, or if you’re worried about the long-term burden of student loans, it is still a good idea to file your FAFSA®. Families can also withdraw money from their 401(k) or 403(b) retirement savings accounts. Personally I got around $2,000 reimbursement check in my first and second year in college, and around $1,000 (tuition increase) for my junior and senior year. Additionally, don't skip decent meals, even when you're too lazy - you'll eventually get hungry anyway, but this time, you'll have to waste your money. In order for a Pell grant to remain tax-free, you can only use the funds to pay for tuition, fees, books, supplies and equipment. Source(s): True story. 5. The colleges you listed in your FAFSA will use your SAR to gauge your financial situation, then tell you the cost of attendance as well as any financial aid you can get. Because of this I'm assuming that applying for FA will make you more likely to receive scholarships. The FAFSA can help determine your eligibility for federal student aid. Avoid these common errors as you fill out the FAFSA: Including retirement assets in calculations. Apply for FAFSA, pell grant, and keep your grades as high as you can and apply for all the scholarships you can get. Schools typically start sending the letters around the same time they mail college admission offers. If students don’t want to open a 529 account, Orsolini recommends they stash unused subsidized loan money in an emergency savings fund, to help maintain as much flexibility as possible in paying for college. In addition to the federal government, the majority of colleges and universities use your EFC to determine the financial aid package that they will offer you. Raider Card transfers are done on the first floor of the Student Center. You can use these funds to charge books and required supplies at the College bookstore. You then have the money to pay yourself back so to speak. It represents the estimated amount of money that your family can contribute to the cost of your college education. Usually 2 week after the semester has started or sometimes later. Paying off the mortgage on the family home works on the FAFSA but may not work as well on other … Now that you know the basics of the FAFSA process, here are a few essential pieces of information to keep in mind. So, you will receive your loan or grant money from school checks. So to simply answer your question, YES you can … While getting married, supporting your own dependents, and serving in the armed forces can help you qualify as an independent student, there may be an easier way to do so. The government offers tax benefits and credits for higher education. When completing the Free Application for Federal Student Aid, you’ll be required to designate if you are living on campus, off campus in a rented accommodation, or off campus with parents. the student’s parents: • filed or were eligible to file a 2015 IRS Form 1040A or 1040EZ2, • filed a 2015 IRS Form 1040 but were not required to do so3, or The sooner you know where you want to live—on or off-campus—the sooner you can assess how much money you need. 6. 1. The final date to file the FAFSA for the 2021-2022 academic year is June 30, 2022 , but you can lose spring and fall financial aid—including federal student loans—by filing this late. Withdrawals are penalty-free when the money is used to pay for education. That means you can spend the money you’ve saved on interest on fun expenses. Even if you aren't offered anything or choose to not accept the aid, simply applying shows that you are "in need of money".