Cashing Financial Aid Checks: A Comprehensive Guide

Cash financial aid checks at your bank or credit union.

When attending college or other institutions of higher education, you may receive financial aid checks either from the school or a student loan provider. This money can be deposited into your bank account or cashed directly. However, these checks are typically large--often several thousand dollars or more--so you can't walk into any bank and request cash for your financial aid check.

Step 1

Take your student loan check to a bank or credit union where you have an account. You also can take it to the issuing bank, if possible. Other banks are not likely to cash the check.

Step 2

Endorse the check. Your bank might place a hold on the check until it clears, meaning you will not have immediate access to the money. The bank also might require you to deposit the check if the amount is too large to cash.

Step 3

Open a new account at a bank or credit union if you are dissatisfied with any restrictions on cashing your check, or if you do not have an existing account.