Question by LIZETH L: What happens with the money left from scholarships and grants?
I’m staring college at the University of Michigan. I got scholarships and grants. Doing the math, there will be some money left. What happens with that money? Do I get to keep it? And if so, would it go automatically to my bank account? Or how does that work?
Best answer:
Answer by brother_lu
i get a ton of interest free money thrown in my bank account every tem to cover everything plus vacations. i think it’s something that is different from school to school.. and it also depends on the individual lenders (banks) that hand out the gov’t scholarships and grants, i’d check with your financial aid office
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Tags: from, grants, happens, left, Money, Scholarships
After all the tuition, book and class expenses are deducted from your account, you will receive a check in the mail with the left over grant money. Thats how it is for Federal Pell Grants. As for scholarships i dont know how they work but school grants are as I described them.
You get a refund check through the mail or you may be able to sign up for direct deposit online with your college. Direct deposit is a lot faster.
check with aid office because if u take that money and 5 years from now…uncle sam will come knocking!!
My son is in the exact same situation you described! (U of M, won a ton of scholarships)
I was told by the financial aid office at U of M that he will be getting a refund check in the mail. They take away any loans first though and may reduce the grants that were awarded from the university.
Congrats on winning so many scholarships!!!
