Financial Aid Rights & Responsibilities

With financial aid, comes both rights and responsibilities. It is important to understand what is associated with being a financial aid applicant, recipient, and a student loan borrower. We encourage you to take a few moments to review them here.

You have the right to know:

  • The deadlines for submitting applications for each of the available aid programs.
  • The resources considered in the calculation of your need.
  • The available financial aid programs and their exact requirements.
  • What portion of your financial aid package is loan, grant, scholarship, and work aid. If the aid is a loan, you have the right to know the total amount that must be repaid, the amount of each repayment, the interest rate, the length of time you have to repay the loan, and when the repayment begins.
  • The cost of attendance and the refund policy.
  • How Baker College determines whether or not you are making satisfactory academic progress, and what happens if you are not.
  • What happens if you withdraw or drop out during the year.
  • The procedures necessary for reapplying for aid each year.
  • Information regarding a student and/or parent Title IV – HEA loan will be submitted to the National Student Loan Data System (NSLDS) and accessible by authorized agencies, lenders and institutions.

You have the following responsibilities:

  • To complete all forms accurately, and submit them to the correct locations. Errors can cause long delays in the receipt of your financial aid. Intentional misreporting of information on application forms for Federal Financial Aid is a violation of the law and is considered a criminal offense subject to penalties under the U.S. Criminal Code.
  • To maintain at least half-time enrollment status (6 undergraduate credit hours or 5 graduate credit hours).
  • To inform Financial Aid if you drop below half-time status.
  • To maintain Financial Aid Satisfactory Academic Progress (SAP) as published in the Student Catalog.
  • To update information when changes in your circumstances occur, such as name, marital status, enrollment status, graduation, etc.
  • To read and understand all forms that you are asked to sign, and to keep copies of them.
  • To be aware that a conviction for any drug offense while receiving Title IV aid will result in a loss of eligibility for all Title IV aid.
  • To be aware of the Financial Aid refund and repayment policies and procedures.
  • To complete a Student Loan Exit Interview before graduating, withdrawing, or transferring if you have received a student loan for attendance at Baker College. You must also keep an accurate record of the total loan amount you owe, and notify your lender of all status changes including: name, address, enrollment status, etc.

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Details

Article ID: 89207
Created
Sat 10/12/19 8:02 AM
Modified
Wed 5/20/20 12:27 PM