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Can I spend my fafsa refund money on anything I want?
5 Answers
- Anonymous1 year ago
I spent all mine on ice cream cones.
- nancyLv 71 year ago
When you submit the FAFSA, you sign a statement agreeing to spend the money only on educational expenses, such as tuition, fees, room and board, books, supplies, transportation to get to class or off-campus living expenses (if that applies). Spending it on anything else is technically not permitted. That being said, your chances of being caught are slim. If your school were aware that you are spending it on non-educational expenses, they would be obligated to report it, but very few schools have the ability or the desire to track what students spend their refunds on, so while the risk exists, for most students, it is small. However, keep in mind that the source of a typical refund is a student loan that will have to be repaid with interest later on. Do you really want to be paying interest for ten years on that pizza you bought today? It might seem great to get a big check now and go out and party with it, but it won't seem so great later on when your student loan payments are so high they're wrecking your credit or preventing you from moving ahead in life. So, find out whether your refund is coming from a loan, and if so, consider asking your school to reduce the loan to just what you need.
- MSLv 71 year ago
FAFSA is an application. You don't get any money from FAFSA.
Financial aid refund money is to be used for living and educational expenses. You are technically not allowed to use it for things outside of these very broad categories (like for vacation and new clothes), but there isn't much monitoring of that.
- LaurieLv 71 year ago
You didn’t receive any “FAFSA money”. FAFSA is a FORM - not money. The form is used to obtain information to determine whether you are eligible for federal-based financial aid.
This aid could be one of several different loans, a Pell grant, or a work-study job.
THE SCHOOL, not FAFSA, decides what aid to offer you. The financial aid you are offered may also include aid that is NOT federally-based, like scholarships, state grants, private grants, tuition waivers, and so on.
You should familiarize yourself with the requirements for each type of aid BEFORE you accept it. Requirements can include things like gpa, course load, conditions under which the aid must be repaid, major (if you change your major you may lose the aid), essays or thank-you letters... and so on.
SO... The answer to your question depends on the TYPE of aid you are talking about. Make sure you know the answers BEFORE you accept the aid and obligate yourself to the attached conditions.
Oh... and do everything you can to reduce debt... and NEVER ask anyone to co-sign a loan.
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- ScottLv 61 year ago
Technically, it's supposed to be used for educational expenses. That would include rent and food while you attend school. But nobody is checking how you spend the money.