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What Can I Spend Extra Financial Aid Money On?

What Can I Spend Extra Financial Aid Money On?

College is expensive. Financial aid is obtained by many students because they need it to help pay for their tuition, books, room and board and other expenses. There are times when a student will have extra financial aid money.

For instance, let's say a junior at a state university has already spent his financial aid on his tuition for the spring semester, his books, other class supplies and his room and board. He still has funds that he can use this semester. Can he just not use it and let it accumulate? He can. He has before during previous semesters, and the funds have built up as a result. However, while speaking to his friend before Physics class, he realizes he may have other options.

Student: I have all this extra financial aid money to use. I don't want it to go to waste.

Friend: Don't let it go to waste then. Use it for something.

Student: I want to, but what can I spend extra financial aid money on?

In this article, we will go over the answer to the student's question. We will go over the types of financial aid and any restrictions on how to spend the money.

Federal and State Financial Aid

The federal government provides three types of financial aid: loans, grants, and work-study funds. A federal loan needs to be paid back to the federal government, while grants and work study funds do not need to be paid back over time.

Individual states also have their financial aid programs for college students. State funding is awarded alongside federal funding. Therefore, if a student qualifies for both federal and state loans, they'll have more financial aid money than if they only qualified for one or the other.

This funding from the federal and state government should only to be used to pay for education-related expenses. But, once a student is awarded the aid, it is theirs. If they end up having more funds than needed, they don't need to report that to the federal government or their state government. As Felicia Bryant, director of financial aid at Camden County College, tells USA Today: "We can't control how students spend. We can guide them in the right direction, but ultimately if they qualify for funding, it is theirs to spend." (http://www.usatoday.com/story/news/nation/2013/02/27/college-financial-aid-misuse/1950401/) Therefore, extra financial aid is useful for things such as living expenses, food expenses, and transportation costs.

Private Financial Aid

Students can also take out private loans for their education in addition to federal financial aid. However, this is only for students who have either used up all of their federal loans or who were not award federal financial aid in the first place. Private financial aid is awarded in the form of loans, scholarships, or grants.

The limits on private financial aid depend on which lender is allocating the funds. According to Bankrate, "While some lenders restrict private-loan borrowing to the total cost of attendance minus financial aid, others simply have a yearly loan cap" (http://www.bankrate.com/finance/student-loans/things-to-know-about-private-student-loans-1.aspx#ixzz4HhXw3Sxy). If a student uses a lender that restricts the aid to the total cost of attendance, they will not have extra private financial aid.

But with other private lenders, the yearly loan cap is usually more than the federal government's loan cap. So, it is possible for students who borrow from those lenders to have extra private financial aid. Again, once a student has the money, it is theirs. If they have any extra after paying for tuition, they can spend on books, living expenses, food, transportation and any other miscellaneous things.

Prescott Papers

If you are a student who has extra financial aid, you can also use it for the custom writing and academic help services at Prescott Papers.

The custom writing services that Prescott Papers provides includes all types of essays, research papers, term papers, dissertations, thesis, and other types of writing assignments for college. For example, if you need a custom term paper done for one of your classes, we will hire a great writer who is not only an expert in the subject of your term paper but who will write a term paper that is completely original, with no plagiarism. Also, our custom writing services come with free and unlimited edits and revisions.

We also provide other academic help services, such as homework help, PowerPoint presentations for class speeches, computer programming, and worksheet assistance. Prescott Papers can assist you in any academic project.

Plus, regardless of the types of services you pay for and use at Prescott Papers, you get these benefits:

  1. Fast and reliable support

You can contact us anytime via phone and email.

  1. 100% guaranteed confidentiality

We will never give third parties your information.

  1. Completely secure transactions done through PayPal

  2. Acceptance of rush orders for those times you procrastinate

  3. A way to order risk free with no obligation to pay upfront.

In conclusion, whether you get federal, state or private financial aid, there is the chance that you will end up with extra financial aid money. Once you've spent what you needed to for tuition and other educational expenses (because it would be foolish not to use your awarded financial aid for this reason first), you can spend the rest however you want. That is the answer to the question: what can I spend extra financial aid money on?

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