What is an “over-award” or “overpayment”?
This term is used if you are issued a government student loan and/or grant in excess of what you were entitled to receive. An over-award may occur for a number of reasons, including: • an increase in your resources (possibly due to income verification of student, parents, and/or spouse), • an early withdrawal from your studies, a change in your course load, or completion of your studies earlier than anticipated. Receiving an over-award in one year could cause you financial hardship in the next year, as you may be precluded from receiving OSAP. It’s better to repay the over-award as soon as you are informed of it. You should contact the Awards Office to discuss your specific circumstances.
This term is used if you are issued a government student loan and/or grant in excess of what you were entitled to receive. An over-award may occur for a number of reasons, including: • an increase in your resources (possibly due to income verification of student, parents, and/or spouse) • an early withdrawal from your studies, a change in your course load, or completion of your studies earlier than anticipated. Receiving an over-award in one year could cause you financial hardship in the next year, as you may be precluded from receiving OSAP. It’s better to repay the over-award as soon as you are informed of it. You should contact the Awards Office to discuss your specific circumstances.
Related Questions
- Will PERS help individual members with possible tax issues associated with the overpayment and potential tax consequences and penalties associated with repayments?
- Will the actuarial reduction end when the member has fully repaid the overpayment from the 1999 earnings allocation (calculated as of the benefit adjustment date)?
- What is an "over-award" or "overpayment"?
