Your Rights and Responsibilities
"Your Rights and Responsibilities" submitted by SchoolGrantsfor Editorial Team and last updated on Thursday 4th August 2011
You have the right to ask the college:
- What it costs to attend and what its refund policies are if you withdraw.
- How it determines whether you’re making satisfactory academic progress and what happens if you’re not.
- To disclose the percentage of its students who complete its programs and the percentage who transfer out.
- About its accreditation and licensing.
- The percentage of students who are placed in jobs related to their course of study.
- What financial help is available, including information on all federal, state and college financial aid programs--not just loans.
- About the deadlines for submitting applications for each financial aid program and how recipients are selected.
- How your financial need is determined, including how costs for tuition, fees, housing, food, transportation, books, supplies, personal and miscellaneous expenses are considered in your COA.
- What income, assets and other factors are considered in your EFC calculation, and how much of your financial need, as determined by the college, is met.
- To explain the various elements in your financial aid package, and how and when you’ll receive your aid.
- To explain how your financial aid offer was determined.
- How much of your financial aid must be paid back, and what portion is grant or gift aid. If you’re offered a loan, you have the right to know the interest rate, the total amount that must be repaid, repayment procedures, when repayment begins and how long you have to repay.
- How to be considered for additional aid, if your financial circumstances change.
- About the effect outside scholarships may have on your financial aid award.
- How to reapply for financial aid for subsequent years.
You have a responsibility to:
- Research the colleges you’re considering.
- Review and consider all information about the college’s programs before enrolling.
- Know and comply with the deadlines for applications or reapplications for aid. Intentional misrepresentation on an application for federal financial aid is a crime.
- Respond promptly and provide all requested verification documentation, corrections to your financial aid application or additional information to the appropriate place.
- Read and keep copies of all forms and agreements you sign.
- Ask your college’s financial aid office if you were awarded student employment, including hours, duties, pay rate and how you’ll be paid.
- Complete loan entrance counseling before you receive your first loan disbursement, and exit counseling before you leave school.
- Compare your anticipated monthly student loan payments and other expenses to your expected take-home pay after college.
- Understand your school’s return-of-aid policy if you receive federal or state financial aid and withdraw from school.
- Repay your student loans, even if you don’t complete your education, can’t get a job or aren’t happy with your education.
- Notify your college and lender promptly of changes in your name, permanent mailing address, telephone number, enrollment or marital status, or financial resources.
- Request a deferment or forbearance, or a change in repayment plans, if you’re having trouble making your monthly payments.
If you have never borrowed a education loan, you will receive detailed information regarding your loans when you attend your entrance and interview. The entrance interview is a mandatory one-time session where the school will explain to you your rights and responsibilities relevant to your loans. More details:
- Undergraduate Entrance Loan Counseling
- Undergraduate Exit Loan Counseling
- Graduate/Professional Entrance Loan Counseling
- Graduate/Professional Exit Loan Counseling