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Student Financial Aid Rights & Responsibilities

Students receiving federal student aid have certain legal rights. Students' rights include the following:
  • The student has the right to know what financial aid programs are available, including all federal, state, and institutional financial aid programs.
  • The student has the right to receive a listing from the financial aid office of the agency in each state which may be contacted regarding grants available to residents of that state.
  • The student has the right to know the deadlines for submitting applications for each of the financial aid programs available.
  • The student has the right to know how financial aid will be distributed, how decisions on that distribution are made, and the basis for these decisions.
  • The student has the right to know how his/her financial need was determined.
  • The student has the right to know what resources (such as parental contribution, other financial aid, assets, etc.) were considered in the calculation of his/her financial need.
  • The student has the right to know how much of his/her financial need, as determined by the institution, has been met.
  • The student has the right to request an explanation of the various awards in his/her student aid package.
  • The student has the right to know the school's refund policy.
  • The student has the right to know what portion of the financial aid he/she receives must be repaid, and what portion is grant aid, which does not need to be repaid. If the aid is a loan, the student has the right to know what the interest rate is, the total amount that must be repaid, fees during repayment, the payback procedures, the length of time he/she has to repay the loan, when repayment is to begin, and available options for consolidation.
  • The student has the right to know how the school determines whether he/she is making satisfactory academic progress, and the results of not meeting these standards.
  • If the student believes a mistake has been made in determining his/her financial aid eligibility, he/she has the right to ask that his/her financial aid application be reconsidered.
  • If the student has a loan and the lender transfers (i.e. sells) the loan and the right to receive payments, the student must be sent a notification telling him/her to whom he/she must now make payments.
  • Lenders must provide borrowers with a copy of the complete promissory note.
  • The student has the right to prepay a loan without penalty. This means that he/she may at any time pay in full the loan balance and any interest due without being charged a penalty by the lender for early payment.
  • If the student cannot meet a loan repayment schedule, he/she may request forbearance from the lender under which the payments may be reduced for a specific period of time.
  • In borrowing money, the student assumes the responsibility for repaying the loan. If circumstances arise which make it difficult to meet this responsibility, he/she should contact the lender.

Legal Responsibilities of Financial Aid Recipients

Students receiving federal student aid have certain legal responsibilities. Student responsibilities include the following:
  • The student must complete all application forms accurately and submit them on time to the appropriate office
  • The student must provide correct information on the FAFSA application and other forms. The intentional misreporting of information on financial aid application forms is a violation of the law and is considered a criminal offense which could result in indictment under the U.S. Criminal Code.
  • The student must return all additional documentation, verification, corrections, and/or new information requested by either the Financial Aid Office or the agency to which an application was submitted.
  • The student must report to the Financial Aid Office any additional financial resources received by him/her during the period of his/her financial aid award.
  • The student is responsible for reading and understanding all forms that he/she is asked to sign and for keeping copies of the forms.
  • The student must accept responsibility for all agreements that he/she signs.
  • The student must be aware of and comply with the deadlines for application or reapplication for aid.
  • The student should be aware of the school's refund policy.
  • All schools must provide information to prospective students about the school's programs and performance. The student should consider this information carefully before deciding to attend school.
  • If the students receives a loan, he/she must notify the lender if any of the following occurs before the loan is repaid:
    • Graduation
    • Withdrawal from school or less than half-time enrollment
    • Change of address
    • Name change
    • Transfer to other school(s)
    • If the student has received a Federal Perkins Loan or Federal Stafford Loan prior to receiving their first disbursement of loan funds. NOTE: Federal Perkins Loan recipients must complete entrance loan counseling each year.
  • The student must also complete the online Federal exit interview if he/she is receiving loan funds and graduates, transfers to another school, or withdraws from the school.
  • The student must repay any loan received, plus accrued interest, in accordance with the repayment schedule.
  • In borrowing money, the student assumes the responsibility for repaying the loan. If circumstances arise that make it difficult to meet this responsibility, he/she should contact the lender.
  • The student must notify the lender of any occurrence which may affect eligibility for a deferment of repayment.
  • The student must read and understand all forms that he/she is asked to submit or sign, realizing that he/she is legally responsible for all agreements that he/she signs.
  • The student must know and comply with all policies and procedures of City Vision University
  • The student is responsible to manage his/her financial aid experience.