CONSUMER INFORMATION FOR FINANCIAL AID APPLICANTS

Student Rights:

You have the right to know what financial aid programs are available at your school.

You have the right to know the deadlines for submitting an application for each of the financial aid programs available.

You have the right to know how financial aid will be distributed, how decisions on that distribution are made, and the basis for these decisions.

You have the right to know how your financial need was determined. This includes how costs for tuition and fees, room and board, travel, books and supplies, and personal expenses are considered in your need.

You have the right to know how much of your financial need as determined by the institution has been met.

You have the right to request an explanation of the various programs in your financial aid package.

You have the right to know your school's refund policy.

You have the right to know how the school determines whether you are making satisfactory academic progress and what happens if you are not. (See Standards for Satisfactory Academic Progress for Maintenance of Financial Aid Eligibility for Students Pursuing the M.D. Degree at Howard University).

When you receive your financial aid, you have the right to know what portion of the financial aid you received must be repaid and what portion is grant aid. If the aid is a loan, you have the right to know the interest rate, any charges you must pay such as guarantee fees, the total amount that must be repaid, the repayment procedures, the various options for consolidating or refinancing your loan, the length of time you have to repay the loan, when repayment will begin, the definition of default and its consequences, and whether you can repay your loan at any time.

Your school must notify you in writing whenever it credits your account with Stafford or Direct Loan funds. This notification must be sent no earlier than 30 days before and no later than 30 days after the school credits your account. Your may cancel all or a portion of the loan by informing your school within 14 days after the date that your school sends this notice, or by the first day of the payment period, whichever is later.

Before you leave school, you have the right to know the amount of your total debt, what your interest rate is, and the total interest charges on your loan. You also have the right to know the name of the lender or agency that holds your loan, where to send your payments, and where to write or call if you have questions. If you have a Direct Loan, you have the right to know the address and telephone number of your Direct Loans Servicing Center. You further have the right to know the fees you may be charged during the repayment period such as late charges. You have the right to know the available options for consolidating or refinancing your loan and whether your can be prepaid without penalty.

Before you leave school, you must be provided a current description of your loans, including average monthly anticipated payments; a description of applicable deferment, forbearance, and discharge provisions; repayment options; advice about debt management; information about your loan repayment schedule including when your first payment is due, the number and frequency of payments, and the amount of each payment. You must be provided a summary of deferment and loan cancellation provisions including the conditions under which the U.S. Department of Education may repay your loan.

During repayment, you must be notified when your loan is sold if the sale results in making payments to a new lender or agency. Both the old and new lender or agency must notify the borrower of the sale, the identity of the new lender or agency holding the loan, the address to which the borrower must make payments, and the telephone numbers of both the old and the new lender or agency.

Student Responsibilities:

You must be aware of and comply with the deadlines for application or reapplication for aid.

You must complete all application forms accurately and completely and must submit them on time to the right place.

You must provide correct information. In some instances, misreporting information on financial aid application forms is a violation of the law and may be considered a criminal offense that could result in indictment under the U.S. Criminal Code.

You must complete and return all additional documentation, verification documents, corrections, and/or new information requested by either the Financial Aid Office or the agency to which you submitted your application.

You are responsible for reading and understanding all forms that you are asked to sign and for keeping copies of them.

You must accept responsibility for all agreements that you sign.

You must perform the work that is agreed upon in accepting College Work/Study awards.

You must be aware of your school's refund policies.

All schools must provide information to prospective students about the school's programs and performance. You should consider this information carefully before deciding to attend a school.

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