What do I do with the extra financial assistance money?

I would suggest you invest the remainder into your local, community Library.

Keep it. That money is for all of your expenses which is a lot more than just the 500 needed for books and tuition …. as I’m sure your parents will tell you.

I mostly agree with Majikthise, but with two differences:

1. Unless your parents are financially stretched by supporting you while you’re in school, I suggest that instead of first offering it to them, you put most of it directly into a savings account or reasonably secure investment to help you make the transition to living independently after you finish school. In the long run, that will be more supportive of your parents than giving it to them now, because it will relieve them of having to finance that potentially costly venture. Supporting you day by day will not burden them as much as having to put out a lot of money for you all at once later for such things as first and last month’s rent, security deposit, home furnishings, a car, etc.

2. I think it’s great that you want to contribute some of your funds to someplace where the need is pressing, and I a great idea to get started on that immediately. But this, too, would be best done in anticipation of your coming financial self-reliance. In other words, instead of giving away everything you have now, think about how much of your income you would like to designate for that purpose when you are living independently, and donate that same percentage of your current surplus.