Repaying a Grant Overpayment
Repaying a grant overpayment is a difficult issue if you're not aware of how to handle those funds right away. However, some people may be confused and think that keeping those additional financial benefits are an entirely good option. This is not true and you can get into some trouble if that is your original school of though. In order to clarify what position you're in when this occurs, you might want to read through some of the updated documents that are posted by the grant company. This will let you know what those rules are and how they expect you to contact them if you do receive a student loan overpayment.
Working with Government Grants
If this money has come from the government, then you need to follow the proper contact procedures. They will have specific numbers for you to use or email addresses in order to ask for more information. It's very important that you follow these instructions because all of these departments do not stay in contact with one another. In fact, they may have entirely different responsibilities and may not know who is handling your account.
This is why you should talk with the professionals who originally supplied your grant and find out how you should return those funds. They will probably have an address you can use so they can be efficiently returned and confirmed upon receipt. If not, then make sure you get a confirmation when they receive the check so you can mark it down as completed for certain. Without this kind of confirmation, you may find yourself making several unnecessary tracking phone calls to the shipping service or the agency themselves to find out if your payment has arrived yet.
For a private company, it may have been a committee or board that awarded you this money. If this occurred and you have received too much, you should contact the professional who contacted you originally. They will be able to help you through this so you can return whatever funds have been overpaid and they can be rerouted to the proper place. Who knows how this happens? Some of these benevolent companies deal with a lot of grant requests and they may end up mixing up one payment over another. However, if you go ahead and keep the money, you may be noted for being responsible to return more of a profit.
Reasons to Notify Grant Companies
The danger of not owning up to this overpayment could put in real financial trouble later, up to and including the denial of any further grant requests. If you are shown to be late in your payments, late in showing your documentation to the committee or board responsible for the monetary help or lacking in responsibility for what you were overpaid, all of these could keep you from getting any more help in the future. This will not do your establishment any favors especially if you are trying to grow and establish a presence.
Of course, any time you are looking up repaying a grant overpayment, make sure you use the most updated information. There are websites that focus on this issue specifically and they can really break down the details for you. Any changes that are made to the policies or the application standards for qualifying for these plans and anything else that might need to be done at the time the paperwork is submitted. Keep an eye on these data sources anyway because this is usually the fastest way to get in touch with your grant company.
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