Which statement about overawards is accurate?

Which statement about overawards is accurate?

• A. An overaward occurs when a student receives additional OFA that exceeds their SAI
• B. An overaward must be resolved within 30 days of determination
• C. The student is responsible for reporting any additional financial assistance received due to postsecondary enrollment
• D. Overawards are forgiven after one semester.

Answer: (C)

Overawards require that the student report any extra financial assistance received for postsecondary enrollment. When a student informs the financial aid office about outside aid—such as scholarships, grants, or other funds—the office can recalculate the aid package and adjust it so total aid doesn’t exceed what the student is eligible for or the cost of attendance. This reporting is essential to prevent disbursing more aid than allowed. The other statements don’t fit common practice: overawards aren’t defined solely by outside aid exceeding a specific internal measure like SAI/OFA, the resolution timeframe isn’t universally fixed at 30 days, and overawards aren’t forgiven after one semester.

Overawards require that the student report any extra financial assistance received for postsecondary enrollment. When a student informs the financial aid office about outside aid—such as scholarships, grants, or other funds—the office can recalculate the aid package and adjust it so total aid doesn’t exceed what the student is eligible for or the cost of attendance. This reporting is essential to prevent disbursing more aid than allowed. The other statements don’t fit common practice: overawards aren’t defined solely by outside aid exceeding a specific internal measure like SAI/OFA, the resolution timeframe isn’t universally fixed at 30 days, and overawards aren’t forgiven after one semester.