Financial Aid Package Gets Readjusted if Students Financial Aid Exceeds Cost of Attendance


Work Study, grants, scholarships, and loans. All different types of financial aid students can use to pay of tuition. Photo courtesy of google.

Josiah Darnell, Opinion Editor

$63,000 is a lot for the cost of attendance for school. Even though Pace doesn’t expect students to pay that much, it’s kind of scary how some students still end up paying a good portion out of their pocket.

After being admitted into any school, a financial aid package is given to the student and some of the things they take into account are GPA, family income, and FASFA awards. In that packet are awards, grants, loans, and scholarships the student is eligible for. All of that is what the school gives the student.

Other options would be to obtain scholarships or loans, if necessary, that are outside of what the school gives. Receiving scholarships are never a bad thing in fact it is encouraged but if too much outside scholarship money is obtained by the student and goes over a certain amount, the student then goes in to what is called “over need.”

Over need simply means the financial aid packet given by the school and any other financial aid being received goes over the cost of attendance. In some situations, depending on what you have, a refund check can be sent and that’ll bless a student and put some change in their pocket. As all college students need. Then in other situations the financial aid given by the school will be readjusted to where money that was given by the school can be taken away to make room for the outside financial aid received.

There can be a case where the school will readjust the financial aid packet and could present a bill even if your bill was already paid for in full. Why do that though? Why is there an over need in the first place? Students know that college is expensive and try to get as much money as possible so that they don’t need to take out loans or come out of pocket.

But with the over need it’s almost as it getting too much scholarship money can set you back. I personally believe it would better to keep what the student has altogether and if the aid is more than the coast of attendance for that semester throw it over and use it for the second semester and after the second semester bill is paid give the refund. A student would rather that then to find out they have a bill hanging over their head that they thought was paid.