Money owed on student account?
If I have money owed on my student account for prior semesters at a school will my aid pay it once awarded or will I have to pay out of pocket? I am trying to find this out before I waste anymore time trying with this university.
- 3 weeks ago
Federal Regulations allow a school to put up to $200 toward prior period expenses when a student makes a request. Speak to the financial aid office & bursars office about covering the debt - find out if some aid or scholarship was not received, or whether this is uncovered cost... If you were supposed to pay that, the school would have told you up front (in most cases).
- nancyLv 72 months ago
It's a little complicated, because there are a number of factors that can affect this. In general, if your financial aid was federal student aid (Pell grant, federal student loans), it can only be used to pay for the semester that it was awarded for. For example, you would only be able to use your fall Pell grant for the fall semester. You could not use your spring award to pay for the fall. However, if you were enrolled and otherwise eligible during that semester, and your aid for that semester simply wasn't paid because of processing errors, or because of something like not completing the verification process, then you may be able to have it applied now---assuming that you will still be enrolled and eligible for the spring semester. But that only applies to aid for the current award year, not from previous years. If your aid was not federal student aid, it depends on what the source of it is. For example, if your aid was a scholarship, that would depend on the parameters set by the donor, so you would need to work with your school's financial aid department to determine what you are eligible for. If you have a balance due from a previous semester and all of the aid that you were entitled to for that semester has already been applied, then you may still be able to apply for a private student loan from a bank or lending company that offers loans for previous semesters. There are usually limits to how far back you can go, however. For example, Sallie Mae offers loans for balances from previous semesters that occurred within the past 12 months. For nearly any solution, you're going to have to work with the school's financial aid staff because only they would know all of the factors that apply in your particular situation. For the best service, make an appointment with a financial aid counselor rather than just calling or emailing them. Most schools now offer virtual appointments, so if you're not on campus you can still connect with them.