Revision of Financial Aid Awards
Once an award letter is sent to the student, there may be instances which warrant change to the original notification. An Aid Administrator may review a student's circumstances, make an adjustment to an award, and release a revised award letter. This revised award invalidates the original award notice.
 
Revision Initiated by the Financial Aid Office

The FAO will automatically consider revision in a student's aid package when the following occurs:

  1. There is conflicting information in the file.
  2. There are changes resulting from verification.
  3. There is a change in availability of funds.
Students are provided a revised award letter as soon as possible.
 
Revisions Initiated by Request from Student

Students may decline any portion of their award. If the student wants to decrease/increase an award, the request is given to the Financial Aid Analyst.

It is the student's responsibility to notify the FAO of changes in a student's resources. If the student makes an appointment with a Finanical Aid Analyst and reveals a change in circumstances which may affect the student's family contribution, the student should document the situation via a letter reiterating the conversation and include supportive documentation. If a change to the award is allowable, the Financial Aid Analyst will release a revised award letter.

 
Overawards

An overaward occurs any time a student's disbursed financial aid (federal, institutional, and outside aid) and other resources exceeds the cost of attendance for the award period by more than an allowable tolerance.

Causes of an Overaward and/or Overpayment

There are several causes of an overaward:

  1. Student wages - the student earns more than the FWS award.
  2. Change in the enrollment status - the student withdraws or drops below the projected enrollment status.
  3. Additional resources - the student has resources greater than those used to calculate the award.
  4. Fraud - the student intentionally deceives or misrepresents information to obtain funds.
  5. Any other error which maybe discovered.

Eliminating an Overaward
Before reducing a student's aid package because of an overaward, the Financial Aid Analyst should always attempt to alleviate the situtation by reducing or eliminating the overaward. The following possible allowances should be checked.

  1. Increase budget using allowable expenses.
  2. Adjust undisbursed funds (all undisbursed financial aid funds must be withdrawn in the case of an overaward

Treatment of an Overaward

If eliminating the overaward is not possible the aid administrator must reduce the overaward using the following sequence:

  1. If an overaward occurs, the Financial Aid Administrator must cancel/return federal funds to eliminate the overaward.

 

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