Rights & Responsibilities of Financial Aid Recipients
It's important to know your rights and responsibilities as they relate to applying for and receiving financial aid.
You have the right to ask a school:
- What it costs to attend, and what its refund policies are if you drop out
- What financial help is available, including information on federal, state, and school financial aid programs.
- What the deadlines are for submitting applications for each of the financial aid programs available; and what criteria are used to select financial aid recipients.
- How individual financial need is determined. This process includes how costs for tuition and fees, room and board, transportation, books and supplies, personal and miscellaneous expenses, etc., are considered in your budget.
- What resources (such as parental contribution, other financial aid, personal assets, etc.) are considered in the need calculation; and how much of your financial need, as determined by the school, has been met;
- To explain the various programs in your financial aid package and how and when you will receive your aid.
- What portion of your financial aid must be repaid, and what portion is grant aid. If the aid is a loan, you have the right to know the interest rate, the total amount that must be repaid, payback procedures, the length of time you have to repay the loan, and when repayment is to begin.
- How to apply for additional financial aid if your financial circumstances change resulting in increased need.
- About the effect outside scholarships may have on your financial aid award.
- How the school determines whether you are making satisfactory academic progress and what happens if you are not.
It is your responsibility to:
- Review and consider all information about a school's program before enrolling.
- Know and comply with the deadlines for application or reapplication for aid, and with the school's refund procedures.
- Respond promptly and return all requested additional documentation, verification, corrections, and/or new information to Student Financial Services or the appropriate agency.
- Read, understand, accept responsibility for and keep copies of all forms and agreements you sign.
- Notify the school of changes in your name, permanent mailing address, marital or enrollment status. If you have a loan, you must also notify your lender of these changes.
- Perform in a satisfactory manner the work that is agreed upon in accepting a Work Study award.
- Maintain satisfactory academic progress according to the school's policies and standards.
- Repay any student loans you have. When you sign a promissory note, you are agreeing to repay your loan.
- Complete loan entrance counseling before you receive your first loan disbursement - and exit counseling before you leave school.
- Know the financial aid penalties for drug sale and possession convictions.