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  7. Policy and Procedure for Packaging External Assistance

Policy and Procedure for Packaging External Assistance

Consistent with Title IV regulations, in cases where federal aid recipients receive additional assistance from sources outside of the university after an initial award has been made, the external aid will be packaged in the following manner:

  1. When unmet need exists, external assistance will be used to fill the unmet need. This may result in loss of subsidized loan eligibility.
  2. If no unmet need exists, but the student’s total aid has not yet met the cost of attendance, external assistance will be applied.
  3. If the addition of external assistance exceeds the cost of attendance (COA), other sources of aid will be reduced by the amount of the overage.
  4. The other sources of aid will be reduced by the amount that the student’s aid exceeds the COA. Aid sources are reduced in the following order: Parent Plus Loans, Federal Direct Stafford Loans, Federal College Work Study (if not utilized), or FSEOG.
  5. Some external assistance is accompanied by documentation indicating which educational expenses the funds may cover. If those expenses are already covered via other sources of financial assistance, in rare cases, excess funds may be returned to the issuer.
  6. If the scholarship or stipend is reported on an IRS 1099 or W-2, it will be considered taxable income and not a resource against other assistance.
  7. If a "scholarship" has a repayment or employment obligation, it will be considered a replacement of expected family contribution.

Policies and Procedures