Overawards & Adjustments for Grants & Loans
An overaward exists when your financial aid package exceeds the Cost of Attendance or need (cost of attendance minus EFC). If your aid package includes a loan, the loan may have to be reduced to resolve the overaward. Financial aid packages that only include Pell Grants and scholarships may exceed the cost of attendance with no consequence.
BYU takes numerous steps to avoid overaward situations, such as:
- Not packaging federal aid until scholarships have been awarded, and
- Asking you to report other known sources of aid (usually outside scholarships) via the ‘Self-Reported Aid’ task.
Occasionally, circumstances may change after we have packaged your aid, resulting in an overaward. For instance, you may receive a scholarship or grant from an outside organization, or a department may decide to award a scholarship halfway through a semester.
If you have already received the funds, an adjustment may need to be made to either a future disbursement or the amount already received. This could result in an amount due on your student account.
Financial Aid Received at Another School
If you receive federal financial aid at another institution for the same academic year we must be notified. If we have already packaged your financial aid, and it now exceeds your annual limits, we will have to make an adjustment to your aid (Pell Grant and loans) and this could result in an amount due on your student account.