Final answer:
Financial aid is first applied to your education-related costs at your college, and excess funds are then sent to you. Perform well academically to maintain aid eligibility and fill out the FAFSA® each year. Living near campus and receiving aid are not mutually exclusive.
Step-by-step explanation:
The financial aid money you accept from your offer typically does not go directly to you; instead, it goes directly to the school where your financial aid office will apply it to the amount you owe for tuition and other school costs.
After these expenses are covered, any remaining balance is sent to you, which can be used for other college-related expenses. It is important to maintain satisfactory academic progress to continue receiving financial aid, and you should complete a FAFSA® form each year to determine your eligibility for future aid.
In response to the second part of the question, living in student housing within five miles of the campus and receiving financial aid are not mutually exclusive; that means, they can occur simultaneously. Thus, students can live in student housing and still be eligible to receive financial aid.