Financial Aid Question

[curlysue82]

If you are awarded an amount higher then what you actually need for that semester should you take all of it? I am approved for grants and loans.

[MALE*RN*777]

Your grants and loans are based on your cost of living along with your tuition, books, fee, etc. You can take the whole amount, just remember if you get a loan you will need to pay it back with interest. Grants are free.

[curlysue82]

I am working 24 hours a week right now and I can pay for my cost of living (car, groceries, rent, bills, etc.) so I don't absolutely need the money but I have hear it would be a good idea to take all that is offered and put the unused portion in savings. What do you think?

[Jules A, MSN]

If you are awarded an amount higher then what you actually need for that semester should you take all of it? I am approved for grants and loans.

If you are still in a financial bind and thinking about filing bankruptcy maybe you could use the extra money to pay some overdue bills.

[Freedom42]

If you don't need the money, look at the interest rate on the loan. When will interest begin to accrue? If it's deferred, I'd put the money you don't need right now in the bank and let it earn interest until you have to pay it back.

[WDWpixieRN, RN]

Chances are that the interest you will eventually owe on this money will not be offset by any interest you will make in savings.

Unless you need the money to survive, I'd not take anything more than what you need.

[FlyMurse, BSN, RN]

yes, take the money. Like MALE*RN*777 said, you'll have to pay them back, but when applying for financial aid, the money is designated for living expenses.

[JaxiaKiley]

More than you need for school, or more than you need to live comfortably? If it will make it so that you don't have to work and can focus on school, I say take it.

[FlyMurse, BSN, RN]

You may also want to try filling out a FAFSA form to see if you'd qualify for federal grants (FREE MONEY!).

Jeremy