College is not cheap so that is why students who are planning on continuing their study apply for scholarship or grants to help cover all college expenses such as applying for FAFSA each year. It is a financial student aid given by the federal government. It is possible that you win multiple financial aid for your college. It is also possible for you to have excess fund from the financial aid you receive. And what to do with it? Can you get a refund and use it to pay for other things outside college basic necessities?
Options you have with your leftover money from financial student aid
The refund you receive is basically yours and you can do whatever you want with it since all your college expenses are already covered. Here are some options you may consider with your leftover money from financial aid:
Leave the money in your account with your school
This is an option you may consider if you want to keep your money from being used for other things outside your education expenses. The school will not use it for their benefits since it is yours. So you don’t really have to worry about its safety.
Deposit the money into your bank account
If you have personal bank account, you can ask for a direct deposit for personal savings. You may want to use it for later use in the future without having to confirm everything to the school. If you have this kind of saving account, you won’t be worried about unexpected expenses during your college days.
Ask for a check
It is also possible for you to ask for a check and you can pick it up later. Or, you can also ask to send the check to your current address. You can use the money for various necessities related to your education.
With the excess money you have, it may be considered as income. Hence, the IRS will require you to file taxes. However, you can use the money for anything such buying valuable asset like cryptocurrency (Bitcoins, Ethereum, etc) since it is one of the most investment today’s college students are interested in.
Consider applying for multiple financial student aids
It is recommended that you are hunting for multiple financial aids to help cover college expenses. This way, you can avoid graduating with burdensome student loans to pay. With multiple financial aids, it is highly likely that you no longer need to take out student loans. In fact, you may get enough that you have leftover financial aids.
With financial aids, the school will help cover your expenses related to your education such as housing and tuition. There are also other college expenses that can be covered by financial aid such as textbooks, laptops, lab equipment or fees, specific items needed for certain class or major, etc. If your college expenses are covered, you are entitled to a refund. You can expect to receive the refund a few days after the semester begins.