So the last college I went to accidentally gave me too much aid. I found out I have to pay the college back for the overpayment before I received more aid and was informed that I should be in good standing with FAFSA if I started an approved payment plan. I’ve been paying on it for a few months now and that college shows me I’m in good standing. So am I ok to get aid for the new school I’m going to or do I have to pay it off completely first?
Are you repaying the college for the overpayment? If so, it won’t affect your eligibility for aid at any other school. However, if you are repaying the federal government directly, your aid is affected. In that case, you have to make a certain number of payments & obtain a letter stating that you are eligible for Title IV aid. Again, though, if you are paying the old school, it will not affect aid eligibility at the new school.