An "overaward" is when your need based awards exceed your financial need, or the total of your awards exceed your cost of attendance. If you have been overawarded, federal regulations require ASU to adjust your awards which may result in a bill. Need based aid include grants, scholarships, Federal Work-Study, Federal Perkins Loans, subsidized Federal Stafford Loans and outside resources (i.e. faculty/staff tuition benefits, scholarships, stipends, etc.). Non-need based aid includes unsubsidized Federal Stafford Loans, Federal Parent PLUS Loans, Federal Graduate PLUS Loans and Private Education Loans.
Possible reasons an overaward can occur is when:
- You receive additional awards
- Your residency status changes
- Your housing status changes
- The verification process results in changes made to your FAFSA data