Typically, the school first applies your grant or loan money toward your tuition, fees, and if you live on campus room and board. Any money left over is paid to you directly for other education expenses.
What if I have a credit balance?
In that case your school must pay this amount to you directly within 14 days unless you authorize the school to keep the money to pay for future institutional charges.
Unfortunately that doesn't apply to me. My school doesn't participate in federal student aid programs.