New York Medical College

Admissions & Financial Aid

Rights & Responsibilities

Your Rights

 As a student you have the following rights:

  • To be informed of the cost of attendance
  • Procedures and deadlines for submitting applications for financial aid
  • The different types of financial assistance available from federal, state, and institutional sources
  • Who the financial aid personnel is and the location of the Office of Student Financial Planning

 

As a borrower you have certain rights. Once the US Department of Education approves your loan, you will receive in the mail a Disclosure Statement providing you with the following information:

  • The full amount of the loan
  • The interest rate of the loan
  • The servicer, assigned by the US Department of Education to service your loan, must return your promissory note when the loan is paid in full
  • When you must start repaying the loan

 

Before you begin repayment of your loan, the servicer of your loan, is required to give you a repayment schedule and detailed information regarding interest rates, fees, your outstanding balance and available repayment options.

  • You have the right to defer repayment for certain defined periods after the grace period, if you qualify
  • You have the right to request a forbearance, if you qualify
  • You may prepay your loan in whole or in part at any time without penalty 

Your Responsibilities

  • One of the major aspects in financial aid is for a student to understand the responsibilities attached to receiving aid. By accepting the Aid offered, a student must realize that they are expected to:
  • Know and understand the terms and conditions of all financial aid programs from which aid was awarded
  • Know all deadlines for applying for aid and meet them. Provide all required documentation, corrections, and/or information requested by the Office of Student Financial Planning 
  • Understand that the proceeds from the loan can only be used for tuition, fees, living expenses and other reasonable related educational living expenses, as outlined in the budget 
  • Repay loans with all accrued interest and deducted fees, even if you do not complete your education, are unable to find employment or are dissatisfied with the education you received
  • Repay loans within the time allocated by the lender or designated agency
  • Notify the lender or designated agency in writing within 10 days if the following occur:
            • Change of name
            • Change of address
            • Change of phone number
            • Change of graduation date
            • Transfer to another school
            • Enroll less than half time
            • Withdraw from school
  • Complete the paperwork to have loans deferred or placed on forbearance
  • Not be in default on any loans or owe a refund on any grant
  • Inform the Office of Student Financial Planning of any grants, scholarships or any other form of assistance that you may receive

 

Policies and Notifications

Federal Title IV Funds Refund Policy

Notice of Federal Student Financial Aid Penalties for Drug Law Violations

 

Page Updated: February 24, 2014