Is there a limit placed on excess financial aid for college?
Every semester students at my college (and other schools I am sure) are given excess financial aid if we were awarded more than necessary to cover tuition and other fees.
I was simply wondering if they have a cut off point for how much you could possibly receive.
If not, what is the most you have ever heard of someone getting or perhaps gotten yourself?
The cut-off point is your school’s total cost of attendance.
For instance, your school’s total cost of attendance breakdown might be:
Tuition + Fees: $6,000 per year
Books + Supplies: $1,500 per year
Room + Board: $10,000 per year
Transportation: $2,500 per year
Insurance: $1,500 per year
Food + Personal: $1,500 per year
Total Cost of Attendance: $23,000 per year
Therefore, you can receive up to $23,000 per year. So if you have $22,500 in aid, you can still get $500 more. But if you have $23,500, your school will most likely cut you off and remove $500 of it.
Most schools also take your EFC from the FAFSA and subtract it from the school’s total cost of attendance, and will only give you up through there in need-based aid. E.g., if your EFC is $1,500, your school might only award you a maximum of $21,500 per year in need-based aid ($23,000 – $1,500 = $21,500).
I Go to College for the Financial Aid (Original Song)