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Relevance. Rating Newest Oldest. Best Answer: Matt: Students are not permitted to profit from financial aid. If your total aid, including all loans, grants, and scholarships exceeds your school's actual Cost of Attendance, one or more forms of the aid will be 'cut back' so that an equilibrium is reached.Keep in mind, however, that Cost of Attendance is more than just your tuition, books and fees.f your total aid did, in fact, exceed your full Cost of Attendance, your school will hold back some of its own institutional grant funds (first), and then any outside funds-necessary to bring your total aid award level with your Cost of Attendance.
FAFSA is just the application for student aid and has nothing to do with your grades. It is entirely possible you could lose some of the aid you received if you fail a class.But unless you have a grant or scholarship that is completely based on your GPA, I don't think one failed class will cost you anything.est Answer: No, you wont loose you financial aid as long as you don't drop the class and fall under 12 credits and become part time, hopefully at your school you can retake it and just replace your failing grade. Source(s): mrkittypong Â· 7 years ago. Thumbs up.