Procedures for payment of fees and tuition and on campus housing contracts vary by institution. Review the information provided with your financial aid offer or check with the institution about their procedures if the information is not clear.

Schools typically apply any financial aid you're receiving first against amounts you owe the school for tuition and fees and, if you're living on campus, room and board. Funds remaining after those obligations are paid are then made available to you for other expenses. Review your financial aid offer or award letter and disbursement information carefully. Check with the financial aid office if you are unclear about how, when, and in what amounts your aid will be distributed or disbursed.

Financial aid funds cannot be disbursed until the school is certain you're enrolled. Typically the earliest any financial aid funds can be released directly to you is on or about the first day of classes. Disbursement procedures vary by school, so carefully read the information provided by your school.

You should open a bank account for the safekeeping of your funds. Develop a budget for your expenses and plan how you are going to meet them considering the financial aid you're scheduled to receive and other funds you may receive (e.g., income from work, contributions from your family). Be very cautious about obtaining and using credit cards and learn not to spend, or charge, more than the amounts in your budget. If you charge your food expenses for this month, you're really spending next month's food allowance!