College students can have it hard sometimes. between the cost of tuition, books, housing and everything else that can go along with school, sometimes there just isn’t enough money to go around. But sometimes your financial aid really pulls through and you end up with some left over. So how do you turn that into cash?
Well, first off, let me just say that I hope you got your financial aid check honestly.
There are some schemes going around out there where people are basically committing fraud with financial aid and I don’t support that at all.
But in some cases, you end up with some financial aid left over when you are doing things honestly and properly and in these cases you might get what is known as a financial aid refund check.
While having the check is awesome, what happens if you don’t have a bank account to deposit it into?
Well in these cases you will need to cash your financial aid refund check and there are some options available to you.
The best option is a check cashing company. They are all over the place in most cities and better yet, there are even some good online options as well.
Here’s how to use one of these businesses and get the most money back from your check.
Check Cashing Tips For Financial Aid Checks
Okay, when it comes to check cashing, not all checks are created equally.
Some checks have different fee’s or rates (the % of the check that a check casher charges you for cashing the check) and they are going to vary to some degree from check casher to check casher.
Because of that, if you don’t really have an experience with them, you are going to have to spend a few minutes and do some research on them. Don’t worry, it’s actually very easy to do!
Step 1: Google Is Your Friend
The very first thing that you will want to do is go over to Google.com and search “Local check casher” or “Check cashers near me.”
Google will give you a list of local check cashers and you will want to keep that page open because you are going to be calling each check casher and asking them some specific questions to help make sure that you pick the best option in your area.
Step 2: Magic Questions
I call these questions my magic questions – they are the three best questions you can ask a check cashier to pick the best one in your area.
#1 – Do you cash financial aid checks?
This is going to tell you if they take the checks you have. Basically, you need to know this or there is no point in going there to begin with.
#2 – How much do you charge for cashing financial aid checks?
This is typically going to be a percentage or a rate. If they charge 2% and your check is for $100, that means it would cost your $2 to cash the check – or that you would get $98 out of that check.
If the next place you call charges 1.5% that means you would get $98.50 for the same check. Obviously the second place is the better option.
#3 – What do I need to bring with me to cash a check?
This is going to tell you what you need to bring with you in order to do business with that check casher. Most of the time this is going to be regulated by State law and will often require at least a valid driver’s license or state ID.
Knowing this upfront can save you some time and energy because you will be able to be sure that you have everything you need with you the first time you go.
Step 3: Have It Together
The last tip is really simple – make sure that you have everything you need and that your check is in good, physical condition.
If the check or damaged or hard to read in some places, the check casher may deny the check or at very least, have trouble working with it or verifying it.
Because of that, it is always best to be sure that you keep your check(s) in good physical condition. This will not only help give you the best chance of being sure that the check casher will take it, but that the entire process will go quickly and smoothly with the least amount of hassle or time involved for anyone.
Follow these 3 tips, ask those 3 questions and you should be able to easily cash your financial aid check without a problem.