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Financial Information

Table of Contents

Student Consumer Rights and Responsibilities

The student has the right to ask your institution:

  • The names of its accrediting organizations.
  • About its programs, instructional, laboratory, and other physical facilities, as well as faculty.
  • What is the cost of attending, and what are the policies on refunds to students who withdraw?
  • What financial assistance is available, including information on all federal, state, local, private, and institutional financial aid programs?
  • What are the procedures and deadlines for submitting applications for each available financial aid program?
  • What criteria does it use to select financial aid recipients?
  • How it determines financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, etc., are considered in your budget. It also includes what resources (such as parental contribution, other financial aid, your assets, etc.) are considered in the need calculation.
  • How much of the financial need, as determined by the institution, has been met?
  • How and when you will be paid?
  • To explain each type and amount of assistance in your financial aid package.
  • If you have a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the length of time you have to repay your loan, when you must start paying it back, and any repayment options, cancellation and deferment provisions that apply. You have the right to a lender of your choice.
  • If you are offered a Work-Study job, you have the right to know what kind of job it is, what hours you must work, what your duties will be, what the pay rate will be, and how and when you will be paid.
  • To reconsider your aid package if you believe a mistake has been made. How does the school determine whether you are making satisfactory academic progress, and what happens if you are not?
  • What specific facilities and services are accessible to individuals with disabilities?
  • A description of the data compiled by Campus Security via Public Law 101-542: Crime Awareness and Campus Security Act of 1990.

Student Responsibilities

It is the student‘s responsibility to:

  • Review and consider all information about a school’s program before you enroll.
  • Pay special attention to your application for student financial aid, complete it accurately, and submit it on time to the right place. Errors can delay your receiving financial aid.
  • Provide all additional documentation, verification, corrections, and new information requested by the Financial Services Office or the agency to which you submitted your application.
  • Read and understand all forms you are asked to sign and keep copies.
  • Accept responsibility for the promissory note and all other agreements that you sign.
  • If you have a loan, notify the lender of changes in your name, address, or school status.
  • Perform satisfactorily the work that is agreed upon in accepting a College Work-Study job.
  • Know and comply with the deadlines for application or reapplication for aid.
  • Know and comply with your school’s refund procedures.
  • Meet satisfactory academic progress requirements.