NYMC > Current Students > Office of Student Financial Planning > Rights and Responsibilities

Rights and 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