Rights and Responsibilities
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 are 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.
- 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.