Overaward & Stacking Policies
Overaward Policy
An overaward is financial aid that exceeds a student’s financial need and/or cost of attendance. When a student receives aid, the University of Louisville is required to adhere to all regulations associated. All aid, including scholarships, grants, loans, tuition remission, awards, and prizes must be counted as estimated financial assistance in a student’s total aid package.
It is the student’s responsibility to report all sources of estimated financial assistance including departmental scholarships, employee tuition remission, outside scholarships, third party assistance, and Metropolitan College benefits, to the Student Financial Aid Office. To report estimated financial assistance not already included in your aid package, complete the Report Other Aid form. Reporting this information to the Student Financial Aid Office early will help prevent changes in eligibility that can result in reductions to financial aid.
When the Student Financial Aid Office identifies an overaward, adjustments will be made to the student’s aid package to ensure compliance with regulations. When allowable, self-help aid, such as loans and work-study awards, are adjusted before grant or scholarship aid is affected. If an overaward occurs after aid has been disbursed, the student may be required to repay all or a portion of their financial aid to the University.
Undergraduate Stacking Policy
The sum of all institutional aid received cannot exceed the university’s total standard direct cost of attendance plus a stipend. Items in the standard direct cost include regular tuition charges*, average room**, board***, and average book costs****.
For the 2011-2012academic year, the stacking limit is $18,779 for residents and $31,499 for non-residents.
The following chart shows the stacking limit with 2011-2012 academic year costs.
|
2011-2012 |
Resident |
Non-Resident |
|
Tuition |
$8,930 |
$21,650 |
|
Room |
$4,929 |
$4,929 |
|
Board |
$2,920 |
$2,920 |
|
Books |
$1,000 |
$1,000 |
|
Stipend |
$1,000 |
$1,000 |
|
TOTAL |
$18,779 |
$31,499 |
* Subject to approval by the Board of Trustees and the Council on Postsecondary Education
** Room cost are an average across all standard university housing options
*** Meal plan for dormitory residents
**** Average book cost
Any funding paid by the University of Louisville may be considered institutional aid. Some examples are admission-based scholarships, departmental awards, employee tuition remission, housing benefits, KRS benefits, and athletic scholarships.
The University of Louisville reserves the right to adjust institutional scholarship awards when a student’s total institutional aid exceeds the designated limit.
