… your financial aid eligibility. This may result in an overaward and/or overpayment situation. Overpayment are funds that you had received but did not earn. There are several situations that may cause an overpayment, if you: Received … jeopardize future financial aid eligibility. Unpaid overpayments will be reported to the U.S. Department of Education for collection. It is advised that the student contacts the Financial Aid Office before withdrawing from all of their classes, so the student understands the results of …