What if I have $ left over?

[Student179]

So for all you who have had financial aid, student loans either private/stafford, What happens if you borrowed a little bit too much w/ a private loan &there is money left over when the year is complete? Did you get that money back? Is it a really bad thing to ask for a little more of a loan that you think you might need? To the bare cent I have calculated an exact amount according to my bill, but I want to add in about an extra $1,500 maybe $2,000 mostly b/c I don't know what my classes are going to cost me during the Spring2009 semester.

[JStyles1]

So for all you who have had financial aid, student loans either private/stafford, What happens if you borrowed a little bit too much w/ a private loan &there is money left over when the year is complete? Did you get that money back? Is it a really bad thing to ask for a little more of a loan that you think you might need? To the bare cent I have calculated an exact amount according to my bill, but I want to add in about an extra $1,500 maybe $2,000 mostly b/c I don't know what my classes are going to cost me during the Spring2009 semester.

you get the check from your bursar's office for any remaining money. you can use the money or you can go ahead and give it back to your lender to cut down on your loan amount.

[Mexarican]

go for it....My first semester i used the FA refund to purchase a used car...the next semester i use dit to buy myself a laptop...I never ask for the exact amount...i live off the leftover every semester...thats the whole point of the FA in my opinion. I borrow the max allowed accroding to "cost of attendance"...and after all is paid i usually have a good chunk left to cover my expenses for four months...i live cheaply so it's not that much.

Mex

[locolorenzo22, BSN, RN]

yep I got about 2 months of expenses outta my leftover...that's why it's aid.

[awhisler]

My experience..

-I ask for a ridiculous amount and my financial aid officer accepts what she has calculated as needed for the school year. This included a monthly living expense. Extra is sent back to the loan provider if you do no use or withdraw the funds by a certain date (say, after the semester/quarter that the money was for ends).

[Wolfe24]

We get a check a month or so after the semester starts for the excess. I'm getting almost $4k for the fall, but it goes toward living expenses for the entire semester. Financial aid is to cover the cost of school and living expenses too, thats what its for. Theres nothing wrong with taking what you need, but it is not recommended to take more than you need because you do have to pay loans back someday.

[missjennmb]

what if you have money left over? my first thought is "then I'm jealous" lol

My school does not do loans, period, and I didn't get enough through financial aid to even cover tuition let alone books. I say just enjoy it and live frugally. Buy an extra NCLEX prep book or something. :)