Rights and Responsibilities of Aid Recipients

FINANCIAL AID

View important financial aid dates and deadlines.
 

Legal rights of financial aid recipients

Students receiving federal student aid have certain legal rights.

  • The student has the right to:
    • know what financial aid programs are available at SFA.
    • receive a listing from the Office of Financial Aid and Scholarships of the agency in each state that may be contacted regarding grants available to residents of that state.
    • know the deadlines for submitting applications for each of the financial aid programs available.
    • know how financial aid will be distributed, how decisions on that distribution are made and the basis for these decisions.
    • know how their financial need was determined.
    • know what resources (such as parental contribution, other financial aid, assets, etc.) were considered in the calculation of their financial need.
    • know how much of their financial need, as determined by the institution, has been met.
    • request an explanation of the various offers in their student aid package.
    • know the school's refund policy.
    • know what portion of the financial aid they receive must be repaid and what portion is grant (free) aid. 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 they have to repay the loan, when repayment is to begin and available options for consolidation.
    • how SFA determines whether they are making satisfactory academic progress and the results of not meeting these standards.
    • prepay a loan without penalty. This means that they 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.
    • ask their financial aid application be reconsidered, if they believe a mistake as been made in determining their eligibility.
  • If the student is offered a Federal Work-Study job, they have the right to know the required work hours, the job duties, the rate of pay, and how and when paychecks are received.
  • 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 them to whom they must now make payments.
  • Lenders must provide borrowers with a copy of the complete promissory note.
  • If the student cannot meet a loan repayment schedule, they may request forbearance from the lender under which the payments may be reduced for a specific period of time.
  • If a parent or student receives a Title IV, HEA Loan, the loan information will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders and schools determined to be authorized users of the data system.

Legal responsibilities of financial aid recipients

Students receiving federal student aid have certain legal responsibilities.

  • The student must:
    • complete all application forms accurately and submit them on time to the appropriate location.
    • provide correct information. The intentional misreporting of information on financial aid application forms is a violation of the law and is considered a criminal offense that could result in indictment under the U.S. Criminal Code.
    • return all additional documentation, verification, corrections and/or new information requested by either the office of financial aid or the agency to which an application was submitted.
    • report to the office of financial aid any additional financial resources they received during the period of their financial aid offer.
    • accept responsibility for all agreements they sign.
    • perform the work they have agreed upon in accepting Federal Work-Study or regular student employment.
    • be aware of and comply with the deadlines for application or reapplication for aid.
    • repay any loan received at SFA plus accrued interest, in accordance with the repayment schedule.
    • notify their lender of any occurrence that may affect eligibility for a deferment of repayment.
  • The student should be aware of the school's refund policy.
  • The student is responsible for reading and understanding all forms they are asked to sign and for keeping copies of the forms.
  • 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, they 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 at SFASU. NOTE: Federal Perkins Loan recipients must complete entrance loan counseling each year.
      • The student must also attend an exit interview if enrollment drops below six credit hours or if they graduate, transfers to another school or fails to enroll for any long semester.
  • In borrowing money, the student assumes the responsibility for repaying the loan. If circumstances arise that make it difficult to meet this responsibility, they should contact the lender.