UPDATE: McDaniel College will now be closed today, Thursday, Nov. 15. All classes and events have been canceled. These events include “Books Sandwiched In,” Africa’s Legacy Global Dinner, and tonight’s performance of “Spring Awakening.” The RED Snow Removal Plan is in effect. More info »

An “overaward” is when the need-based awards exceed financial need, or the total of financial aid awards exceeds the cost of attendance. If a student has been overawarded, federal regulations require us to adjust awards which may result in a bill. Need-based aid includes grants, scholarships, Federal Work Study, Federal Perkins Loans, Federal Direct Subsidized Loans, and outside resources (i.e. faculty/staff tuition benefits, scholarships, etc.). Non-need based aid includes Federal Direct Unsubsidized Loans, Federal Parent PLUS Loans, Federal Graduate PLUS Loans, and Alternative Loans.

Possible reasons an overaward can occur are:

  • Additional awards are received after the awarding was done.
  • Housing status changes after the awarding was done.
  • Changes in student’s enrollment after the awarding was done.

If a non-need based overaward occurs (student’s cost of attendance was exceeded), the financial aid department will reduce or cancel federal aid in the following order.

  • Alternative/Private Loan
  • PLUS or Graduate PLUS loan
  • Direct Unsubsidized Loan
  • TEACH Grant
  • Perkins Loan
  • Federal Work Study

The combined amount of aid from all the sources can never exceed graduate student’s Cost of Attendance (COA).

Graduate Financial Aid Quick Links:

Financial Aid Application Process

Required Steps

Financial Aid Self Service

Maintaining Aid

Forms and Publications

Managing Your Money

Scholarships and Grants

Loans

Other Sources of Funding

 

Contact Us:

Financial Aid Office
Elderdice Hall
Hours: M-F 8:30-4:30pm
Phone: 410-857-2233
Fax: 410-386-4608
Email: finaid@mcdaniel.edu
School Code: 002109