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If You Are Eligible for Federal Student Aid in Excess of Institutional Charges Tuition, Fees, Room and Board and You Incur Other Form
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do you authorize your financial aid funds to be used for prior-year charges?
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People also ask
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Does FAFSA include room and board?
Federal student aid from the Department of Education covers such expenses as tuition and fees, housing and food, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care.
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What happens if you have excess financial aid?
Scholarships, grants, and loans usually disburse directly to your college to cover billed expenses. If the financial aid exceeds these costs, a refund is generated. This refund can be sent to the student or, in the case of Federal Parent PLUS Loans, sometimes to the parent, depending on the school's policies.
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What does Title IV authorization mean?
Title IV is a term that refers to federal financial aid funds. Federal regulations state that any federal funds disbursed to a student's account in excess of allowable charges must be delivered to the student (or parent in case of an undergraduate PLUS loan.)
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Should I say yes or no to Title IV?
WILL SIGNING THE AUTHORIZATION FORM HELP ME? Yes. By signing the form, any excess Title IV funds will be permitted to be applied to prior non‐allowable charges as well as any future non‐allowable charges during the loan period.
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Do I have to pay back Title IV financial aid?
The responsibility to repay unearned aid is shared by the institution and the student. Students might be required to return additional funds directly to the Department of Education. If this occurs, you will be notified in the written letter that is sent to you by the Office of Financial Aid.
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Should I agree to Title IV?
Q: WILL PROVIDING THE AUTHORIZATION OF TITLE IV HELP ME? A: Yes. By signing the form, any excess financial aid will be permitted to be applied to prior, future or certain miscellaneous charges on your student account.
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What if my financial aid is more than my tuition?
If you have financial aid remaining after the college applies it to your tuition and other required expenses, it will disburse the remainder to you. Schools must issue the remaining amount to you within 14 days unless you authorize your school to keep the money to pay for future charges.
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What happens if I decline Title IV?
If you do not authorize W&M to apply excess federal Title IV financial aid to all non-institutional charges, then Title IV aid will only pay current tuition, fees, food and housing. Other current-term charges, such as library fines and health insurance, will remain unpaid.
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