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Host: What is an Over Award?

Brad Barnett: An Over Award occurs when you basically have too much financial aid, and what s going to happen is, we will look at your Cost Of Attendance, we will look at your EFC number, we will determine your financial need and then we are going to start awarding you financial aid funds. I mean, there is a limit on how much you can have in need-based funds or non-need-based funds, once you hit that limit, if you get any financial aid from any other source, that s put you above it, you are in what s called an Over Award situation. Depending on the type of financial aid programs we are dealing with we may actually have to retract some of what we have previously offered you, to keep you within those Federal or State or institutionally prescribed limits

Expert: Brad Barnett

Brad received his Bachelor of Science degree from Southern Arkansas University, with a major in Psychology and a minor in Business.  He furthered his education by graduating from the Medical College of Virginia at Virginia Commonwealth University with a Master of Science degree in Rehabilitation Counseling, specializing in Mental Health.  He has been involved in the financial aid and/or rehabilitation More »

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In this video, Mr. Barnett defines some important financial aid terminology that will assist you in understanding more about financial aid in general.

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Tags: Financial aid, College, Graduate, School, University, Scholarship, Scholar, Study, Grant, Loan, Application  

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