DoI have to return the money that was sent to me in error for my college financial aid, if I checked twice to make surethat I could spend it and was told that I could?

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DoI have to return the money that was sent to me in error for my college financial aid, if I checked twice to make surethat I could spend it and was told that I could?

I go to college and I applied for a student loan. I had received an e-mail saying that I was going to get $2,700 in my account. I was confused on why I was getting money since I hadn’t filled out my winter semester classes yet. So I called financial aid at my school twice to make sure that I could spend the money and it wasn’t a mistake. They had said that it was a refund for fall meaning that I didn’t have to pay it back. That was 3 days ago and today I received an e-mail stating that the money was sent in error and Ihave to return it. However, I’ve already paid off some bills.

Asked on November 14, 2011 under Bankruptcy Law, Michigan

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You do not have to return the financial aid money that you received in error at this point. However, since you know that your receipt of it was done in error, you should return what you can right away before the college that you are going to makes a claim for the money owed in a legal lawsuit.

I would write the college a letter and return as much money that you can explaining that you paid some bills with the remainder after you were told by the college that the amount was a refund. Keep a copy of the letter for future need. In the interim, I would make monthly payments for the balance owed.


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