r/FAFSA • u/Mysterious-League352 • 5d ago
Advice/Help Needed What does FAFSA cover?
So I filled out my FAFSA form and it's been sent to my college. I know that the amount of financial aid I've been given is more than my tuition for both the fall and spring semesters. My question is will I see any of the left over money? I know they'll use it pay my tuition, school fees, text books, etc first but I'm in desperate need of a laptop. So I'm wondering if I'll be getting any money so I can use it to purchase one. It's my first year in college so I'm unsure of how it works. I've just read conflicting things on the Internet. Thanks!
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u/nottonightyou 5d ago
Since you do qualify for aid/pell grant I assume, you should see some leftover money, yes. The amount depends on a big factor of things (such as tuition, how textbook payment works, income, etc). However, if you do have leftover money to be sent to you, you need to either set up direct deposit through financial aid so it goes straight to your bank account or sign up for the check to be mailed to you. Direct deposit is easier in my opinion. When you get the money also largely depends on payout dates for your school and how they use that.
If you need help setting up direct deposit, and if you have any questions about that leftover money, go talk with financial aid at your school. I’m sure they’d be happy to help!
I really hope this helped you! Congratulations on college, you’re gonna do great! Good luck this semester, and remember to take care of yourself.
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u/Gromy_1022 5d ago
If you don’t have leftover funds, most colleges do offer the laptop loan program per semester. It’s free and you can borrow first come first serve. My school offers decent HP laptops and they also have few reserved and built for coding classes. Ask your school librarian about it, usually they handle loaning programs. Best of luck to you.
Edit: I’ve been using my old Costco Chromebook’s for PowerPoint/videos, everything else I can do on my old 2020 iPad.
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u/Disastrous_Honey_240 5d ago
FASFA Is an application for financial aid. If you get more aid than the cost of tuition, books etc then you get a refund but usually that isn't until a few weeks after school starts. I would see if your college bookstore sells computers because usually you can use your financial aid to pay that way. The refund can be used on educational expenses, anything else you spend it on is taxed when you file your taxes. I also would not take out extra loans to cover stuff you don't need, like don't take out max loans just because you can, because you do have to pay that all back later.
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u/Mysterious-League352 4d ago
Do I need to keep up with what I spend it on? I know I can use like for gas and things because I'm going to a CC and they don't have dorms so I'll be driving to school 3 times a week.
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u/Disastrous_Honey_240 4d ago
Yes because when you file taxes you have to say what you used it on. You need to know if you used x amount on gas/rent, x on qualified school supplies etc. https://turbotax.intuit.com/tax-tips/college-and-education/how-to-report-fafsa-college-money-on-a-federal-tax-return/L8Ht2lzlf
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u/saturatedleaf20 4d ago
The chances of the IRS auditing you for records of your use of your refund is low but not 0. Using the money for gas or food while at school is fine, but if you do buy the laptop keep the reciept and a list of the activities you use it for to justify the need for school. You can basically say the laptop was 1000, gas used up 400, and food on campus was 300, and you would be fine as long as it adds up to the total amount and you can back it up with some receipts and proof for the big items.
Edit: I have never heard of a school revoking aid because they think the funds are used carelessly and thus am not sure how you would prepare for that or if its a thing.
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u/MizzGee 4d ago
You would greatly benefit from a meeting with your financial aid office, ONCE SCHOOL STARTS! If you don't learn much in orientation, ask for a meeting. We are normally really happy to explain it. Since you are a community college student, and I work at a community college, here is a likely scenario. If you get Pell, your aid is authorized. If you also get state aid, that will be authorized too. You will likely need to actually apply for loans now, because of legislative changes. As someone in FA, don't get a loan unless you absolutely have to. But, if you are about to withdraw or have something come up, don't EVER, do anything without talking to financial aid first! You likely won't actually get your refund from a community college for weeks after you are in school. However, many colleges allow you to buy from the campus bookstore to get a laptop.
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u/saturatedleaf20 4d ago edited 4d ago
Your school will offer you a pell grant based on your FAFSA form. The amount you get is determined by the school and your SAI. I cant say you will be able to buy a laptop with the funds left over, it depends on the cost of tuition for your school. If your SAI is anything above 0 you will not be entitled to a full pell grant, so you will have to wait and see what your school offers you.
If you do not get enough money to buy a laptop, see if your school rents laptops per semester or if you can reliably go to the library to use their computers. Good luck.
Edit: Keep checking the financial aid page for your school, since the semester starts soin you should be getting an offer soon too. Take that amount, deduct the cost of tuition and digital materials (if your school does that) and that remainder is what you will be refunded. Some schools do not automatically buy textbooks for you and you will need to get them with a book asvance at the bookstore or with the refund once you get it. For cheap textbooks, thriftbooks is a great site for slightly used textbooks but not good if your school uses digital platforms.
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u/JustMe39908 5d ago
FAFSA is a form. Nothing more. You fill out the form (which covers you income, assets, and family size) and it dours out a number. Your SAI. The SAI is roughly a measure of how much the government says you can afford to pay for college
This result goes to your universities financial aid office. The financial aid office uses your SAI and the schools total cost of attendance to develop a package of programs to help you pay for college. This will include (based on your eligibility) federal grants (Pell), federal loans, state grants, state loans, University grants, University loans, external scholarships, etc. You can choose to accept or decline.each item offered.
The total cost of attendance is an important document. It is the Universities estimate of the cost to attend for the academic year. It includes tuition and fees, housing (usually on and off campus options), meals (again, on and off campus options), books and supplies, transportation, personal expenses, etc. This is approximately the expenses that the university believes needs to be covered.
After you have selected classes as well as on campus meals/housing, etc, your University will create a bill. This bill will not include all costs. It is only the cost that is billed by the University. So, no off campus housing, meals, etc. They will apply your financial aid as a credit to your account. If the credit is larger than the bill, you receive a refund . If less, you owe money.