Financial AidHelping Fund Your Future
Student Rights And Responsibilities
As a student consumer you have the right to know:
What financial aid is available to students from all federal, state, and institutional financial assistance programs;
- That any Federal loan borrowed by the student or parent will be reported to the National Student Loan Database System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. Students can access this infomation by logging into their account on Studentaid.gov.
- The deadlines, selection criteria, eligibility requirements, terms, policies, procedures, and regulations that apply to each of the programs, starting with how to apply (available for each type of aid);
- The financial aid available for study abroad;
- How your financial need is determined;
- How and when student account refunds are processed;
- The Satisfactory Academic Progress Standards a student must maintain to remain eligible for financial assistance and the criteria by which a student who has failed to maintain the satisfactory academic progress standards may re-establish eligibility for financial assistance.
- The terms of any loan received by a student as a part of the student’s financial assistance package, a sample loan repayment schedule for sample loans and the necessity for repaying loans;
- The terms and conditions applicable to student employment (work-study) provided as part of a financial aid package;
- The university’s withdrawal policy, including the requirements and procedures for officially withdrawing from the school;
- A summary of the requirements for the return of title IV grant or loan assistance
It is your responsibility to:
- Understand and comply with the terms and conditions of aid that you receive;
- Use financial aid funds only for education expenses (tuition, fees, room, board, books, supplies and other living costs);
- Know and meet the deadlines to apply and re-apply for financial aid;
- Respond promptly to all requests for supplemental information or documentation from the Office of Financial Aid;
- Complete all financial assistance applications and forms with thorough and accurate information and return them promptly;
- Notify the Financial Aid office if there is any change to information you reported on the FAFSA;
- Notify the Financial Aid office if there are any changes to your enrollment status or level and understand the impact that dropping a course or withdrawing from the university may have on your student financial aid.
- Notify the Financial Aid office if you receive any grants, scholarships, or other financial assistance from sources outside Florida Tech;
- Maintain satisfactory academic progress to continue to be eligible for financial aid;
- Know and comply with university refund and withdrawal policies;
- Know and comply with the federal, state, and institutional rules governing the financial aid you receive. This information is on the FAFSA, on the materials sent with your award notification, and on the UI OSFA website. These rules include, but are not limited to, not being in default on any prior educational loan and not owing a refund on a federal grant due to repayment.
- Complete Entrance Counseling, Loan Agreement and Exit Counseling if you receive a Direct Loan;
- Notify your lender of any changes in your name, address, or school status while you are attending school and after you leave school;
- Repay any student loans you receive regardless of if you successfully completed your program;
- Perform the work agreed upon when you accept a work-study award;