What happens with the money left from scholarships and grants?
Problem by LIZETH L: What occurs with the cash left from scholarships and grants?
I am staring college at the University of Michigan. I got scholarships and grants. Doing the math, there will be some income left. What happens with that funds? Do I get to retain it? And if so, would it go instantly to my bank account? Or how does that function?
Ideal answer:
Solution by brother_lu
i get a ton of interest totally free income thrown in my financial institution account every single tem to cover everything in addition vacations. i think it’s a thing that is diverse from college to university.. and it also depends on the person loan providers (banks) that hand out the gov’t scholarships and grants, i’d verify with your financial help office
Give your reply to this problem below!
October 8th, 2011 at 5:26 am
After all the tuition, book and class expenses are deducted from your account, you will receive a check in the mail with the left over grant money. Thats how it is for Federal Pell Grants. As for scholarships i dont know how they work but school grants are as I described them.
October 8th, 2011 at 5:50 am
You get a refund check through the mail or you may be able to sign up for direct deposit online with your college. Direct deposit is a lot faster.
October 8th, 2011 at 5:53 am
check with aid office because if u take that money and 5 years from now…uncle sam will come knocking!!
October 8th, 2011 at 5:54 am
My son is in the exact same situation you described! (U of M, won a ton of scholarships)
I was told by the financial aid office at U of M that he will be getting a refund check in the mail. They take away any loans first though and may reduce the grants that were awarded from the university.
Congrats on winning so many scholarships!!!
