When it comes to your financial aid, there's a lot to learn. Here are some common questions.

Do I Have to Pay It Back?
Grants, loans, scholarships--each financial aid category comes with its own rules. Most grants and scholarships never need to be repaid unless you leave school or change your enrollment status. While loans typically must be repaid, some have grace periods and don't have to be paid immediately. Make sure that you know what the rules are for each type of aid to avoid surprises.

How Do I Receive My Aid?
When you receive notification of how much aid you will be receiving, you should also receive information that explains how the different types of aid are disbursed to you--as credits to your account to pay fees and other charges or as a separate check or both.

If school starts in August and an award check won't arrive until September or later, you may need to have some extra cash ready to pay fees. Contact your financial aid office before payment deadlines to be sure you understand how you will be receiving your aid.

What if my Status Changes?
Make sure you know the details about your loan, grant, or scholarship eligibility and notify the financial aid office if anything about your income, student status, or GPA changes. From interest rates to payment plans to deadlines, your financial aid package is customized specifically for you, and you need to stay on top of the details. Your financial aid office can help you with questions about your personalized financial aid plan.