Other Financial Assistance

Other Financial Assistance (OFA) has replaced the Estimated Financial Assistance (EFA). The OFA is used when factoring in other aid to determine the amount of a students need and non-need based financial aid; This takes into consideration the estimated amount of assistance for a period of enrollment that a student (or Parent on behalf of a student) will receive from Federal, State, institutional, or other sources, such as scholarships, grants, net earnings from need-based employment, or loans. The need-based formula includes the following terms (COA - SAI - OFA = Need) and the non-need-based formula includes the following (COA - OFA = Non-Need Eligibility). OFA does not include those amounts used to replace the Student Aid Index (SAI). However, if the sum of the amounts received that are being used to replace the SAI exceed the SAI, the excess amount must be treated as OFA.

Note: The University’s institutional research awards are not OFA because: the award is not considered a payment toward institutional charges or educational expenses included in the cost of attendance (COA); the award is not processed through a student’s account or posted to a student’s ledger; and the award is not contingent upon a student’s enrollment at the University. Students are encouraged to seek assistance from outside resources. However, if, at any time during the award period, a student receives additional OFA that was not considered in calculating the student’s eligibility, and if the additional OFA combined with the expected financial aid exceeds the student’s need, the amount in excess of the student’s need is considered an overaward.

The University’s treatment of overawards in the Direct/Direct PLUS programs depends on whether the loans have been fully disbursed.

If the University discovers there’s going to be an overaward before the Direct Loan funds are disbursed, the University will eliminate the overaward through the packaging process by canceling/reducing the Direct Loan, or by canceling/reducing aid over which the University has direct institutional control.

If the University discovers the overaward situation after the Direct Loan funds are disbursed, there is no Direct Loan overaward that needs to be addressed.