Reduction or removal of financial aid awards

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Cost of Attendance and initial financial aid award amounts are estimated at full-time enrollment (12 or more credit hours) for fall and spring.

An overaward occurs when your financial aid is greater than your financial need and/or Cost of Attendance for a term. When an overaward is identified, adjustments will be made to your financial aid package to ensure compliance with federal and state regulations. Loans are adjusted first, followed by work study awards, then grants and scholarships. If an overaward occurs after aid has been disbursed, you may be required to repay all or a portion of your financial aid back to the college.

If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid. See below for examples. In addition, if your financial aid award total is greater than your Cost of Attendance, your award package will be adjusted.

Your annual, individual Cost of Attendance and financial aid award amounts can be found on MySPC. Once logged in select the Financial Aid tab, Financial Aid Status, select the appropriate aid year, and then Shopping Sheet.

Below are some examples of how a financial aid award package can change based on enrollment changes from one term to another (actual amounts will vary).

Example of two terms of full-time (12+ credit hours) enrollment:

   Full-time   Full-time   Year 
 Calculation            
Cost of Attendance 9,259 9,259 18,518
Less    EFC from FAFSA 0 0 0
Need (A) 9,259 9,259 18,518
Financial Aid Package        
Pell 2,865 2,865 5,730
SEOG 200 200 400
FSAG 1,000 1,000 2,000
Subsidized Loan 2,250 2,250 4,500
+ Unsubsidized loan 2,944 2,944 5,888
Total Financial Aid (B) 9,259 9,259 18,518
Unmet Need       
Need (A) 9,259 9,259 18,518
Less   Total Financial Aid (B) 9,259 9,259 18,518
Unmet Need 0 0 0

Example of one term of full-time enrollment and one term of three-quarter time (9-11 credit hours) enrollment:

NOTE: Pell Grant and FSAG reduced based on three-quarter time enrollment. Three-quarter term Unsubsidized Loan must be reduced to 1,595 since Total Financial Aid cannot exceed Cost of Attendance (9,259 + 6,944 = 16,203).

 
  Full-time   Three-quarter time   Year 
 Calculation            
Cost of Attendance 9,259 6,944 16,203
Less    EFC from FAFSA 0 0 0
Need (A) 9,259 6,944 16,203
Financial Aid Package        
Pell 2,865 2,149 5,014
SEOG 200 200 400
FSAG 1,000 750 1,750
Subsidized Loan 2,250 2,250 4,500
+ Unsubsidized loan 2,944 1,595 4,539
Total Financial Aid (B) 9,259 6,944 16,203
Unmet Need       
Need (A) 9,259 6,944 16,203
Less   Total Financial Aid (B) 9,259 6,944 16,203
Unmet Need 0 0 0

Example of one term of full-time enrollment and one term of half-time (6-8 credit hours) enrollment:

NOTE: Pell Grant and FSAG reduced based on half-time enrollment.  Half-time term Unsubsidized Loan must be reduced to 248 since Total Financial Aid cannot exceed Cost of Attendance (9,259 + 4,630 = 13,889).

 
  Full-time   Half-time   Year 
 Calculation            
Cost of Attendance 9,259 4,630 13,889
Less    EFC from FAFSA 0 0 0
Need (A) 9,259 4,630 13,889
Financial Aid Package        
Pell 2,865 1,432 4,297
SEOG 200 200 400
FSAG 1,000 500 1,500
Subsidized Loan 2,250 2,250 4,500
+ Unsubsidized loan 2,944 248 3,192
Total Financial Aid (B) 9,259 4,630 13,889
Unmet Need       
Need (A) 9,259 4,630 13,889
Less   Total Financial Aid (B) 9,259 4,630 13,889
Unmet Need 0 0 0

Example of one term of full-time enrollment and one term of less-than-half-time (1-5 credit hours) enrollment:

NOTE: Pell Grant reduced based on less-than-half-time enrollment. Student is no longer eligible to receive SEOG, FSAG, Subsidized Loan, and Unsubsidized Loan because enrollment is less than half-time.
 

 
  Full-time   Less-than-half-time   Year 
 Calculation            
Cost of Attendance 9,259 2,315 11,574
Less    EFC from FAFSA 0 0 0
Need (A) 9,259 2,315 11,574
Financial Aid Package        
Pell 2,865 716 3,581
SEOG 200 0 200
FSAG 1,000 0 1,000
Subsidized Loan 2,250 0 2,250
+ Unsubsidized loan 2,944 0 2,944
Total Financial Aid (B) 9,259 0 9,975
Unmet Need       
Need (A) 9,259 2,315 11,574
Less   Total Financial Aid (B) 9,259 716 9,975
Unmet Need 0 1,599 1,599

If you have any questions, please contact A$KFA$.