An overaward is financial aid that exceeds a student’s financial need and/or cost of attendance. When a student receives aid, EKU is required to adhere to all regulations associated. All aid, including scholarships, grants, loans, tuition remission, awards, and prizes must be counted as estimated financial assistance in a student’s total aid package.
It is the student’s responsibility to report all sources of estimated financial assistance including departmental scholarships, employee tuition remission, outside scholarships and third party assistance, to the Office of Student Financial Assistance. To report estimated financial assistance not already included in your aid package, complete the Scholarship/Other Aid Resources Form or contact the Office of Student Financial Assistance. Reporting this information early will help prevent changes in eligibility that can result in reductions to financial aid.
When the Office of Student Financial Assistance identifies an overaward, adjustments must be made to the student’s financial aid package to ensure compliance with regulations. When allowable, self-help aid, such as loans and work-study awards, are adjusted before grant or scholarship aid is affected. If an overaward occurs after aid has been disbursed, the student may be required to repay all or a portion of their financial aid to the University.
To avoid an overaward:
- Notify the Office of Student Financial Assistance of money you are receiving from any outside source such as scholarships, alternative loans, etc.
- Check with the Office of Student Financial Assistance before applying for additional aid to see if the maximum financial aid has already been awarded.