Rights and responsibilities
Your rights
As a student you have the right to be informed of:
- 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 Financial Aid
As a borrower you have certain rights. Once a lender 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 as specified in the promissory note
- The lender 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 holder 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 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 Financial Aid
- 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
- 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 Financial Aid of any grants, scholarships, or any other form of assistance that you may receive.
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