Fed Financial
Got Financial aid - FAFSA, but doesnt disburse for a few weeks. If I pay with CC will I get the whole check?
I received a FAFSA award for this semester at school. However, my award isnt getting disbursed for a few weeks. I need to pay for books and would like to pay for my tuition so I can use the on campus gym and medical care the tuition provides. If I pay for this semesters fees with a credit card before I get my financial aid, will I get the complete award offer as a check in the mail? Or would this potentially harm the whole financial aid process? I know they usually send the leftover money after they automatically apply it to your school expenses... but I cant wait for books and health care! Thanks so much
Public Comments
- It has never had a negative impact on my refund, but call your school's bursars office to make sure...besides, financial aid is determined based upon income...so a credit card has nothing to do with income.
- First, the FAFSA (Free Application for Federal Student Aid) is not an award - it's a form you complete in order to obtain an EFC (Expected Family Contribution). Schools use the EFC in conjunction with the COA (Cost of Attendance) to determine a student's financial aid package. Having said that, paying up front for your fees should have no impact on the financial aid you are going to receive. Once the school receives the money, that money will be put toward any tuition/fees you owe the school. If your account has a zero balance, then you will receive a full refund of the award. A lot of schools now do a direct deposit into your bank account, so you might want to see if this is offered by your school. Talk to a financial aid officer at your school for more information. Good luck!
