Legal Rights of Financial Aid Recipients
The student has the right to know what financial aid programs are available at BC.
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 of 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 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 is offered a College Work-Study job, he/she has 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 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.