Literally the only video that has answered my questions about the scenario where I didn't take loans but had scholarships and Grants. I was so worried I had to pay those back, but I couldn't find confirmation anywhere!! Thank you so much.

@aclopolipse

3 жыл бұрын

Thanks! Same thing happened to me my first year of college. Everyone was telling me it was a loan and I'd owe that money, but I was like...to whom? Once I started making these videos I knew I'd have to cover scenarios like ours.

@sarahestrada978

Жыл бұрын

This is me right now! I spent the past hour searching up what to do with it and most refer to loans which thankfully, I didn't take any and this video just helped out so much more!

Thanks so much for the information

Well that's a simple way to explain.

I did not know we were supposed to report it on our taxes I’m new at college and I just started doing my taxes in 2019😦 now I’m low key scared

@aclopolipse

3 жыл бұрын

You're probably going to be all right if you just miss one year or two, but if you're concerned, I always recommend speaking to an attorney or tax professional if you can.

Thanks so much for the information, this is my first year as a student and I was confused about refunds thanks again

@aclopolipse

3 жыл бұрын

You are so welcome!

Thank you!

@aclopolipse

3 жыл бұрын

Glad you found it helpful!

This video was so helpful and I thank you for all the useful knowledge! I got my refund check from the school last month and thought it was free money. That was until I found out it's the leftover money from the loan I borrowed. With that said, do I just deposit the refund check back to fafsa (where I borrowed my loans)?

@aclopolipse

Жыл бұрын

Yes. You'll have to cash the check, then issue a payment to your loan provider for that amount.

Ok cool I was wondering about these

@aclopolipse

4 жыл бұрын

Yep! Most people get 'em at least once while they're at school.

What does it mean when they say "Disbursement Date"? For example, in my financial aid information for Spring term of this year, it says the Disbursement Date is 3/24 (today). Does that mean my account with the college will be paid, and they will directly deposit the rest of the money into my bank account in a couple of days? I need to get my books for next term!

@aclopolipse

3 жыл бұрын

Yes! In loans, "disbursement date" is usually the date on or after which the funds are available to you.

@JohnDoe-wy1zt

3 жыл бұрын

@@aclopolipse appreciate you, and your time. Thank you so much.

@JohnDoe-wy1zt

3 жыл бұрын

@@aclopolipse what happens if I don't have the remaining funds by the beginning of term next Monday?

So it said i was approved for pell grant and my loans. However, it says my loan has been added to my student account but my pell grant has 0 dollars in the category for paid to date. So I’m wondering, what does paid to date mean?

@aclopolipse

3 жыл бұрын

Paid to date means the amount of money that has actually been sent to you or your school as of the day that you read that report. There is usually a gap between when these things are approved and when they are paid. I would get in contact with your school's cashier or financial aid office to make sure they aren't charging the full amount of the loan when you still have grants on the way.

I’m navigating my adult life very unprofessionally due to the fact that I have no people around me to help me out and explain things to me. I don’t even really know how a loan works. I’ve been getting money from my school for the past few months and I’m just now realizing i might have to pay it back. Is taking out a loan something I would remember? As in, is taking out a loan a whole process that I couldn’t just not remember if I took one out? And does the whole “the money is truly yours if you didn’t take out a loan” thing something that applies to all schools? The internet says that i still have to pay it back and i haven’t seen anything mention that it’s mine if i haven’t taken out a loan. Im scared I’m doing something wrong that’s going to end up hurting me in the future.

@chips14

2 жыл бұрын

and thank you very much for the video. it cleared up a lot of misunderstandings for me.

@aclopolipse

2 жыл бұрын

If it's a loan, you would have had to apply for a loan, sign a borrowing agreement, and (at most schools) attend a smart borrowing workshop. If it isn't, you have full rights to that money (in fact, there's not a way to return it) but you do have to claim it on your taxes. Check with your school's financial aid office to confirm it is not a loan.

I received a grant amount of 8,000 but they only disbursed 2,000. I already received a refund from what was left from the 2,000, but what happens to the 6,000?

@aclopolipse

2 жыл бұрын

Your school's financial aid or cashier office would have the specific answer to that. Generally speaking, if you are only disbursed part of a grant, you are not entitled to the full amount.

I was offered a full ride at my school and I ended up using none of my finacial aid will I still qualify for the full refund and if so in the form of a check or direct?

@aclopolipse

3 жыл бұрын

Typically, refunds occur when a grant or loan is accepted and used, but some money is left over, so my first guess would be no. But please contact your school's financial aid office, they'll be able to give you info more specific to your situation!

What if they gave me the money because they thought I was dorming but I end up commuting. Do I still get a refund for that money or will they reduce it?

@aclopolipse

3 жыл бұрын

I'm not sure as far as that one goes. You should probably ask your school's financial aid office.

@josuedavid2104

2 жыл бұрын

If you're COA stays the same it should be good.

I’m taking 4 classes and my refund was under 300 dollars what could be a reason why?

@aclopolipse

3 жыл бұрын

Depending on how many credit hours you're enrolled in, you may have earned less aid than you expected. Usually to get a full aid package, you have to be registered in enough classes (usually 12 credit hours) to be considered a full time student.

Hello I have a question, it said my check was supposed to be here 8/16/2021 and 9/20/2021 and I haven’t received it how did I get it?

@aclopolipse

2 жыл бұрын

Since the check is usually written by the school, your school's cashier or financial aid office should be able to help you here. Keep in mind also that postal services worldwide are still experiencing COVID-related delays and that might make a physical check arrive later than expected.

@JC-yp5he

2 жыл бұрын

@@aclopolipse thank you so much

Is it possible that you get lets say $3000 but you only have to pay $1000 out of the money you were refunded ?

@aclopolipse

2 жыл бұрын

Generally, no. Federal loans are only activated once you have used up all of your gift aid (grant & scholarships, which you don't owe back). There are federal loan forgiveness programs that can forgive all or part of a loan, but those really only come into play once you leave school.

What happens If I don't report it in my taxes?

@aclopolipse

3 жыл бұрын

All income must be reported to the IRS. If you don't report a certain thing and they find out, they will add a penalty onto the total tax you owe (usually a percentage of your total owed taxes for that year) and ask you to pay that for either this tax year or the next. If this happens multiple times, you might get audited (where the IRS asks you to produce ALL tax-related documents for the past 7 years) and/or face criminal charges for tax evasion. I know it's an off-hand comment in the video, but making sure your taxes are accurate is serious business. If you don't feel comfortable doing them yourself, I recommend finding a friend who's more knowledgeable, downloading TurboTax, or hiring a tax professional if you can afford it.

At first is it going to say that u don’t have a refund when u check online ? Then after couple weeks u will get it ?

@aclopolipse

Жыл бұрын

It may not show a refund immediately, but I don't know your specific situation. I recommend asking your school's financial aid office.

I dropped out of college and my refund still came in the mail. what should I do?

@aclopolipse

2 жыл бұрын

The same rules apply! Check with your (former) college to see if the money is gift or loan aid. If it's loans, pay it right back. If it isn't, it's still yours to spend but you must claim it on your taxes.

Question. So i'm in a scenario where I have some debt (nothing crazy but a few thousand) Should I use part / all of my refund check and start taking down my debt before I graduate?

Bruh so my bf got money that he just has to give right back??? What I don't understand is he fucking dropped out and finished his loans,, so what's the point of sending him the money??? Just to trick him into spending more money because of interest?????

@aclopolipse

2 жыл бұрын

He only has to give back money he received as part of a loan. He may have gotten unused loan money back (sent before he dropped his classes) or it may be grant money he doesn't owe. Even if he's not going there anymore, he should be able to check his Financial Aid Award Letter from his school to figure out whether it is a grant or loan.