Do you get a refund check every semester?
But once financial aid has covered those bills, students may receive a check for whatever awarded money is left over. Since colleges don’t cut financial aid refund checks until after all expenses are paid, they’re generally dispersed a few days after the beginning of each semester [source: Indiana University].
What happens with leftover Pell Grant money?
If you have money left over from your Pell Grant, you can ask the school to hold the funds for you, or you can receive the remaining amount as a refund. Pell Grants go toward education expenses, except student loan expenses. After the add/drop period to ensure only enrolled students receive money.
Do I have to report Pell Grant on my taxes?
Any portion of your Pell grant that is not spent on qualified education expenses is required to be reported as income on your tax return. If you use your Pell grant to pay for room and board charges, or to travel to your permanent home on weekends or holidays, then the amount will be considered taxable income.