What is an overaward?
If you receive more financial assistance than you are eligible for, this is called an overaward.
Among other reasons, the overaward may be due to:
Overawards are automatically deducted from any future Canada student loans or B.C. student loans.
If we find that you have received an overaward, we will notify you in writing.
How does an overaward affect my student financing?
Canada student loan overawards of $250 or more will be deducted from any new Canada student loan funding.
B.C. student loan overawards, regardless of amount will be deducted from any new B.C. student loan funding.
Any grant overawards must be fully repaid before you can receive further grants and/or provincial loan funding.
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If you have received an overaward, it will affect your eligibility for student financial assistance. |
Repayment and adjustment of overawards
An adjustment can be made by StudentAid BC to reduce or remove an overaward, as it may affect your future eligibility for student funding.
To adjust an outstanding Canada student loan overaward, StudentAid BC will need a letter from your bank or the National Student Loans Service Centre confirming full or partial payment of your Canada student loan principal.
In the case of a B.C. student loan overaward, we will be automatically informed of your repayment after it has been cleared and processed by the B.C. Student Loan Service Bureau.
If you have a grant overaward, please contact Revenue Services of British Columbia about repayment. Do not repay a grant overaward at a bank or by any other means. Revenue Services of British Columbia can be reached by phone at 1-866-361-5050 or you can find them online at http://www.sbr.gov.bc.ca/individuals/Customer_Service/MakingAPayment/student_loans/index.htm.
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