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Description: Tags: 0304Vol4Intro

The document discusses recent changes to overpayment policies for the Federal Perkins Loan and Federal Supplemental Educational Opportunity Grant (FSEOG) programs. It states that a student is not liable for a Perkins Loan or FSEOG overpayment of less than $25 and the school is not required to collect, report, or refer it. However, if the overpayment was due to school error, the school is liable for returning the full amount to the Title IV account regardless of amount. It also clarifies that an FSEOG overpayment does not include the nonfederal share if the school met its matching requirements through individual or aggregate methods.

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21 views

Description: Tags: 0304Vol4Intro

The document discusses recent changes to overpayment policies for the Federal Perkins Loan and Federal Supplemental Educational Opportunity Grant (FSEOG) programs. It states that a student is not liable for a Perkins Loan or FSEOG overpayment of less than $25 and the school is not required to collect, report, or refer it. However, if the overpayment was due to school error, the school is liable for returning the full amount to the Title IV account regardless of amount. It also clarifies that an FSEOG overpayment does not include the nonfederal share if the school met its matching requirements through individual or aggregate methods.

Uploaded by

anon-862956
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online on Scribd
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Introduction INTRODUCTION

The Federal Perkins Loan, Federal Supplemental Educational


Opportunity Grant (FSEOG), and Federal Work-Study (FWS)
programs are called “campus-based” programs because each school is
responsible for administering them on its own campus.

This volume covers provisions common to the Perkins Loan,


FSEOG, and FWS programs. The following three volumes discuss these
programs individually. For a description of each program, see the
Introduction to the program’s respective volume.

RECENT CHANGES
Perkins and FSEOG Overpayments
A student is not liable and remains eligible to receive additional
Overpayment cite
Title IV aid if the amount of her Perkins Loan or FSEOG 34 CFR 673.5(f)
overpayment is less than $25. The overpayment cannot be a
remaining balance nor a result of subtracting the $300 overaward
threshold. For overpayments that meet these conditions, your
school does not have to collect the overpayment, report it to
NSLDS, or refer it to the Department.

Your school, not the student, is liable for any amount of a


Perkins Loan or FSEOG overpayment (including amounts under
$25) that occurred because your school failed to follow the
procedures in 34 CFR parts 668, 673, 674, or 676. If your school is
liable for an overpayment of any amount, your school must return
the amount of the overpayment to the appropriate Title IV student
aid account or return the funds to the Department, as appropriate.
A school may attempt to collect from the student the amount of the
overpayment that the school returned. However, the debt is no
longer considered a Title IV debt.

An FSEOG overpayment does not include the nonfederal share


of an FSEOG award if an institution meets its FSEOG matching
share by the individual recipient method or the aggregate method.

4-i

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