Get Try It Friendly Letter Form

As a result of withdrawing from your program after the release of your OSAP funding, you may be in an overpayment situation. You will be required to repay the overpayment amount to OSAP. OSAP will assess your overpayment amount and contact you directly within 6-8 weeks.

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).

A student who has an overpayment of an FSA loan or grant loses eligibility for FSA program aid but may re-establish eligibility by repaying the excess amount or making arrangements satisfactory with the school (optional) or Department to pay the excess amount.

How to Get Your Refund. If you paid off your entire student loan balance on or after March 13, 2020, you can contact your loan servicer to request a refund on any qualifying payments, as long as they were for one or more of the following types of loans that are eligible for student loan forgiveness:3.

After you have resolved (i.e., repaid) the Pell Overpayment. Contact the Department of Education at 1-800-621-3115 to obtain a “Title IV Eligibility Letter.” This letter will be mailed directly to you.

When you have resolved the overpayment, please have the Department of Education send you a letter indicating your account has been resolved. This letter must clearly state that your overpayment situation has been cleared and that you are again eligible for Title IV aid.

In general, unless the school is liable, the student is liable for any overpayment made to the student that is greater than $25. Also, when a student's aid package includes assistance from multiple programs that have different overpayment regulations/requirements, a school must apply the most restrictive requirements.