Overawards
An overaward (OA) is when:
- A student's total need-based awards* exceed their calculated Financial Need, as determined by the FAFSA using a student's Cost of Attendance (COA) and Student Aid Index (SAI). This is called a Need-Based Overaward, OR
- A student's total awards exceed their estimated Cost of Attendance (COA). This is called a COA Overaward.
Students could have one or both types of overawards.
To determine if a student has one or both types of overawards, a calculation is done using information including the student’s COA, SAI, and aid offered. See examples of these calculations below.
*Need-based awards include all free money that does not need to be paid back. This can include any scholarships, grants, stipends, etc. offered to the student.
NEED-BASED OVERAWARDS
The calculation to determine if a student has a need-based OA is:
COA minus SAI minus need-based aid
EXAMPLE 1: COA OA
| |
|---|---|
| COA | $35,796 |
| -Total Aid | -$38,000 |
| =COA OA | -$1,500 = (2,204) |
This student has a COA OA of $2,204 because their total aid is greater than their COA. To resolve this OA, aid may be reduced or canceled.
NEED-BASED & COST OF ATTENDANCE OVERAWADS
To determine if a student has both types of OA’s, both calculations, the need-based OA and the COA OA, are done.
EXAMPLE 1: NEED-BASED OA AND COA OA
First, calculate the student’s need-based OA: | |
|---|---|
| COA | $31,500 |
| SAI | -$10,000 |
| Eligibility for Need-Based Aid | =$21,500 |
| -$22,000 | |
| = (500) | |
| COA | $31,500 |
| - $34,000 | |
| = (2,500) | |
This student has a Need-Based OA in the amount of $500, and a COA OA in the amount of $2,500 because their need-based aid is greater than their eligibility for need-based aid as calculated above and their total aid is greater than their COA. To resolve this OA, aid may need to be reduced or canceled.
Per Federal Regulations, the University of Arizona is required to resolve all OAs before additional financial aid can be released. OAs are resolved by first, determining if the COA can be increased using allowable expenses charged to the student’s Bursar student account and/or requesting a COA Appeal to document additional indirect expenses the student has, and/or, reducing and/or canceling financial aid offered. Undisbursed loans will be reduced before any reduction is made to other awards.
OAs occur when a student receives other financial assistance, after the Office of Scholarships and Financial Aid (OSFSA) creates the student’s initial financial aid offer. Students are responsible for notifying OSFA as soon as they are aware of additional aid they will receive. This allows OSFA to coordinate the additional aid with the financial aid already offered to the student.
OAs can also occur as a result of changes being made to a student’s FAFSA, which cause a change to their Student Aid Index (SAI), and/or account status (i.e. Campus, Residency, Housing). Students should complete all necessary To Do items as soon as possible to prevent changes from having to be made to your aid package.
Student Aid Index (SAI): The SAI replaced the EFC, effective with the 2024-2025 academic year. The SAI is index number that is used to determine how much need-based financial aid a student is eligible to receive. The information reported on the FAFSA is used to calculate the EFC.
Cost of Attendance (COA): The estimated COA represents the average expenses paid by Arizona students in various student circumstances. Total financial aid cannot exceed the estimated COA.
Need-Based Financial Aid: Any "free money" and/or aid that takes a student's SAI into consideration at the time of awarding. Examples include grants, scholarships, Federal Work Study, Federal Direct Subsidized Loans and certain departmental stipends.
Non-Need-Based Financial Aid: Aid that does not take a student's SAI into consideration and may require repayment. Examples include Federal Direct Unsubsidized Loan, Federal PLUS Loan, Graduate PLUS loan, and Private Educational Loans.