Federal Loans + Refunds

[TravisDPT]

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During my undergrad, I would use the max amount of federal aid I was offered to pay for school, and then cover the rest with private loans. When I moved off campus, I still used loans to pay for my housing, even though it wasn't through the university (I saved money living off campus rather than in a dorm). I would just budget out how much I would need for rent, utilities, etc. for that year, and request that extra amount on top of what I need to pay for school. I was always granted the amount, and it would be put on my refund card that I would then use to pay for housing. For grad school, however, I am being offered enough federal aid in the form of a Federal Direct Unsubsidized Loan, a Grad PLUS loan, and Federal Work/Study to cover my school expenses AND my housing expenses.
So my question is, if I accept the full amount on the federal aid I am being offered, will the money that is not used by my school for tuition be refunded to me? This was the case with my private loans, but I am wondering if this will happen for federal loans.

Thank you!

 

[NewDPT31]

They refund it all to you. Try not to accept it ALL. Only what you need.
Love,
Your future self.

 

[TravisDPT]

thank you!

 

[DesertPT]

woa...that sounds like a lot of debt...

You will almost certainly be offered considerably more grad plus than you need, so if you do accept it all, be sure to go and pay it back once you figure out how much of it you don't/wont' need. Keep a little emergency fund, but don't just let thousands upon thousands of dollars sit there generating interest for 3 years.