It’s that time of year here at Wentworth where we are gearing up to issue refunds to students who have a credit on their account from federal or institutional financial aid. Whatever that credit amount on your account currently you are required to spend the money on eligible education-related expenses if that credit came from financial aid from the federal government or Wentworth funds. Now what do those educational related expenses include? Well that’s why we are here!
We made a handy- dandy chart that outlines some potential expenses and whether or not you are permitted to use your federal refund money on.
|What I want to buy||Can I?|
|Textbooks for class||Yes!|
|Gas for my car to get to school||Yes!|
|Pay rent or utility bills||Yes!|
|Buy new clothes or shoes||No|
|Pay my credit card bill||No|
|Return my funds to the Department of Education||Yes!|
|Purchase a monthly T-Pass||Yes!|
|Buy a Valentine’s Day present||No|
|Get a new videogame||No|
|Refinance other debts||No|
|Groceries living off campus||Yes!|
Now obviously this list is not exhaustive. If in doubt you can reach out to your counselor to see if an expense qualifies as an education-related expense. We highly recommend utilizing a budget tool to ensure that your refund will stretch as far as possible. If you’ve never designed a budget before never fear because all Wentworth students have access to SALT and can check out some great articles designed for assisting first time budgeters. If you haven’t registered yet it takes about 30 seconds at http://www.saltmoney.org.
Until next time!