Revision Policy

  • In order to prevent or minimize over-awards, reduce student debt and comply with federal, state and private aid programs, the following policy is in effect:

    At the time a student receives other aid after the initial financial aid package is determined, the student’s aid will be reevaluated to determine his or her new eligibility and whether an over-award will occur. The Financial Aid officer will take all steps necessary to reduce or eliminate the over-award to the extent of his/her control.

    If an over-award occurs, the procedures listed below will be followed:

    • A revised aid award offer will be completed and sent to the student advising him or her of the revision.
    • A new disbursement schedule will be completed and sent to the student with the revised award offer to advise him/her of how the change will affect future disbursements, tuition payments and living expenses.
    • Subsequent disbursements will be cancelled or reduced accordingly.
    • If the additional resource is credited to tuition (as with scholarships or Vocational Rehabilitation), the resulting refund will be returned to the loan programs to reduce any over-award. In the event a personal check was given to pay any part of the tuition, it will be determined whether an equivalent amount of loan funds was delivered to the student creating the over-award. These funds will also be returned to the lender of the loan program to the extent of the loan funds delivered to the student.
    • After all efforts have been exercised by the Financial Aid office to reduce/eliminate the over-award, per federal guidelines, a Stafford Loan borrower who is over-awarded and received funds disbursed directly to him/her will not be required to repay funds that were delivered in excess of need unless the over-award was caused by his/her is reporting or withholding information.
    • In the event an over-award exists due solely to scholarships, Vocational Rehabilitation, etc. with no loans involved, the Financial Aid office will contact the program administrator to coordinate the programs appropriately.