Topic

Receiving Aid Awards. How you get the money.

Topic Progress:

Receiving Financial Aid Awards.

You’ve:

  • Submitted the FAFSA
  • Gotten a Financial Aid Award letter from your school,
  • Told the school which financial aid awards you want to accept.

What happens next?

woman thinking

When will my financial aid be sent?

Your grant, scholarship and loan money for the year will likely be released twice per school year.

Money your earn at a work-study job will be paid directly to you at least once per month, maybe more often.

How do I get my financial aid? Where does it go?

  • Grants and Scholarships

    Usually the school you’re attending receives the grant and scholarship money that you’ve been offered via your Financial Aid Award letter. The school will then apply it toward your tuition, fees, and any on-campus room and board.  Money left over is paid directly to you for other expenses you have.

  • Student Loans

    Similar to “Grants and Scholarships” usually the school you’re attending receives the loan money that you’ve accepted. The school will then apply it, after any grants and scholarships, toward your tuition, fees, and any on-campus room and board.  Money left over (refund) is paid directly to you for other expenses you have. If you don’t need the money, it’s a good idea to turn around and send that refund back to the lender so it will decrease your loan principal. Doing that will decrease the amount you owe after you graduate which you’ll realize is a good thing.

    FYI… If you’ve accepted and taken out a student loan but then realize that you don’t need the money after all, you can cancel your loan within 120 days of the disbursement, and no interest or fees will be charged. Again, a good idea if you don’t need the money so you can decrease what you owe after you graduate.

  • Parent PLUS Loans

    Same deal… usually the school you’re attending receives the Parents PLUS loan money that your parents accepted. The school will then apply it, after any grants,scholarships and student loans toward your tuition, fees, and any on-campus room and board.

    Any money left over (refund) is paid directly to your parent. Again, if you don’t need the money, it’s a good idea to turn around and send that refund back to the lender so it will decrease your parent’s loan principal.

    FYI… If you’ve accepted and taken out a student loan but then realize that you don’t need the money after all, you can cancel your loan within 120 days of the disbursement, and no interest or fees will be charged. Again, a good idea if you don’t need the money so you can decrease what you owe after you graduate.

  • Work Study

    Work Study money that you earn goes directly to you in the form of a check. You can spend it how you want.

  • Private Scholarships

    Private scholarships that you’ve applied for, and received, that aren’t related to your Financial Aid Award letter are typically given directly to you and you can spend that money as you like. Not always, but usually.

WHEN YOU’RE DONE:

  • Click the “MARK COMPLETE” button at the bottom of this page.
  • Take what you’ve learned and act on it.
  • Do that and you’re done!  You’ll have given yourself the gift of information that can easily save you thousands of dollars in financial aid which is a wonderful thing!

Print the Certificate of Completion

If you haven’t already printed your Certificate of Completion you can find the link for it by following these instructions…

certificate icon
  • Go to “My Courses”
  • On the right sidebar will be “My Certificates” which shows a list of the Certificates of Completion for courses you’ve successfully finished.
  • Click the Certificate you want and then print or save it. Done!