Student Refunds - Your Refund and Your Financial Conscience

We would LOVE feedback about this video. Please fill out the survey here to show your love for SMMC: http://www.surveymonkey.com/s/RTNZWM3

Your life as a student is confusing enough... an unexpected or overlooked student account refund can be even more confusing. Be proactive... check your student account, make a budget, and keep doing it for the entire semester!

Make that paper (a.k.a. money) LAST!

Here is a little review of what you should remember about your Student Account Refund:

The refund you get from USFSCO is often what is left over after your financial aid has been applied. This includes student loans, grants, and scholarships. Not everyone will receive a refund. The only time you will get a refund is when you have accepted more aid or taken out more loans than the cost of your tuition and fees.

If you live off campus (not in a dorm), you are more likely to receive a refund, and therefore, in much higher need of making that money last throughout the semester.

Make sure to review your account for any discrepancies. The student account checklist will assist you in reviewing your account, but you should make sure to review the tuition and fees for your campus that you should expect on your account. Links to these websites are listed on the checklist. Student Account Checklist - https://illinois.edu/lb/files/2011/09/08/34971.pdf

In addition to reviewing your account frequently for discrepancies, it is also important to review the financial aid terms and conditions to see what might effect your financial aid now or in the future. Financial Aid Terms and Conditions - (UIUC) http://www.osfa.illinois.edu/process/notification/award.html (UIC) http://www.uic.edu/depts/financialaid/student_rights_responsibilities.shtml (UIS) http://www.uis.edu/financialaid/forms/FinancialAidTermsandConditions.html

Make a budget for your expected expenses and track your spending. Reviewing your account frequently (paymybill.uillinois.edu) and making sure to adjust your budget to match your spending most appropriately is important for understanding where you can cut costs and how long you can make that money last.

Feel free to contact the Student Money Management Center at studentmoney@uillinois.edu or check out our website (www.studentmoney.uillinois.edu) if you have any questions or need assistance creating a budget/spending plan that works for you!

Subscribe to the ILStudentMoney channel for more upcoming awesome videos on managing your money in school!

Category:

Education

Tags:

• Education
• Budget
• Cash
• Student
• College
• Refunds
• Financial
• Aid
• Loans
• Tracking
• Expenses
• credit
• university
• of
• illinois