Recovery of Funds

Mississippi Valley State University will make every effort to control and govern overpayment of federal funds to financial aid recipients. If it is determined as a result of the verification process that a recipient of federal funds received more than the amount which he or she was eligible to receive, the Office of Financial Aid will eliminate the overpayment by adjusting subsequent finance aid payments during the award year in which the overpayment occurred, or require the applicant to return the overpayment within 60 days after the applicant’s last day of attendance at the University. Upon the return of the overpayment, the University will reimburse the appropriate federal program account. Applicants who owe a repayment from federal funding are not eligible to receive federal aid until the overpayment is paid in full.