Have you received a Financial Aid refund but aren’t really sure what it’s for?
Well, you’re not alone. Many college students receive Financial Aid refunds from their school when the total amount of Financial Aid awarded exceeds the amount owed to your college or university for actual tuition and fee charges. These funds are provided to help you with your out-of-pocket college expenses such as books, transportation or rent if you are living off-campus. Keep in mind that a good portion of these refund dollars may be from student loans that you signed up for. These funds will have to be repaid when you graduate or leave school, so it is important to spend them wisely and make sure you have enough money to last the semester.
This “Make it Last” refund calculator can help you set a weekly budget for your refunds dollars. Simply enter the total amount of your refund (or the amount left over after you have purchased your books), the number of weeks in your semester and hit “Calculate.” For example, if you received a refund of $1,000 and the semester lasts 15 weeks, for example, you can afford to spend about $67 per week on living expenses such as gas and food.
If you receive more refund dollars than you require to get by, consider returning any unused funds. This will reduce the amount you will eventually have to pay back, including interest expenses.
So what’s your strategy for making it last?