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General Information

STUDENT RIGHTS AND RESPONSIBILITIES

The student has the right to ask Wade College:

  • What financial assistance is available, including information on all federal, state, and institutional financial aid programs.
  • What the priority dates are for submitting applications for each of the financial aid programs available.
  • What the cost of attendance is and what the policies are concerning refunds to students who withdraw.
  • What criteria is used to determine financial need.
  • How cost of attendance is determined or how cost of attendance affects financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, etc., are considered in calculating need.
  • What resources (such as parental contribution, other financial aid, assets, etc.) are considered in the calculation of need.
  • How much financial need has been met.
  • To explain the various programs in the student financial aid package. If circumstances require additional analysis, request reconsideration of the offer that was made.
  • What portion of the financial aid received must be repaid and what portion is a gift. If the aid is a loan, know the interest rate, the total amount that must be repaid, the length of time to repay the loan, and when repayment is to begin.
  • How the college determines satisfactory academic progress and what happens if progress is not met.

It is the student's responsibility to:

  • Review and consider all information about Wade College financial assistance programs before enrollment.
  • Pay special attention to the application for student financial aid, complete accurately, and submit it on time to the right place. Errors can delay receiving financial aid. Intentional misreporting of information on application forms for federal financial aid is a violation of law and is considered a criminal offense subject to penalties under the U.S. Criminal Code.
  • Provide all additional documentation, verification, corrections, and new information requested by either the Financial Services Department or the agency to which an application was submitted.
  • Read and understand all forms signed and keep copies of all of them.
  • Accept responsibility for all signed agreements.
  • Notify the lender of changes in name, address, and/or enrollment status. Also, notify the U.S. Department of Education of address changes so that financial aid information can be sent in an expeditious manner.
  • Know and comply with the deadlines for application or reapplication for aid.
  • Understand the college's refund policy.
  • Report any funds received from assistantships, fellowships, scholarships, employment, etc., to the Financial Services Department.
  • Pay any tuition, fees, room, board or other related expenses not paid by financial aid or scholarships by established deadlines.

VERIFICATION

Verification is a process where the college confirms the data reported on a FAFSA. The college has the authority to contact an applicant for documentation that supports income and other information that was reported. If selected for verification, a copy of the student's, the student's spouse's (if applicable), and the student's parents' (if considered to be a dependent student) U.S. IRS Income Tax Returns, W-2 forms, and/or other information must be submitted to the Financial Services Department. By signing the FAFSA, a student and parent (if applicable) agree, if asked, to provide information that will verify the accuracy of the completed FAFSA.

If this information is not provided, the student will not receive financial aid. If a student is awarded and receives financial aid based on incorrect information, the student will have to pay financial aid funds back.

EXTENUATING CIRCUMSTANCES

Some students are automatically independent; in other words, they may file the FAFSA or Renewal FAFSA without including parental information. In order to qualify for independent status, a student must be able to meet and document at least one of the following conditions:

  • Be at least 24 years of age.
  • Be a veteran of the U.S. Armed Forces.
  • Currently serving on active duty in the U.S. Armed Forces for purposes other than training.
  • Be an orphan or ward of the court or was a ward of the court until age 18.
  • Have legal dependents, other than a spouse, for whom you provide more than 50 percent support.
  • Have children who receive more than half of their support from you.
  • Be graduate or professional student.
  • Be a currently married student.
  • Occasionally, unusual circumstances may exist that warrant a review of a student's dependency status.

Also, if the student and/or his or her family have experienced extreme changes in personal life or financial situation, please discuss these circumstances with the Office of the Director of Financial Servcies. Circumstances that may be considered include, but are not limited to:

  • loss of employment
  • loss of benefits
  • medical expenses
  • separation or divorce

Before an adjustment can be considered, additional documentation may be required. Once the required documentation has been submitted, a review of the circumstance(s) will occur. All information is considered confidential and will be retained by the college.

Please Note: Providing information for extenuating circumstances does not guarantee that an adjustment will be forthcoming.

DEFAULT

For the Direct Loan programs, default occurs if a borrower fails to make a payment for 270 days, if repayments are made monthly (or 330 days if repayments are due less frequently). The consequences of default are severe. The college, the lender or agency that holds the loan, and the state and/or the federal governments may all take action to recover the money, including notifying national credit bureaus of the borrower's default. This may affect the borrower's credit rating for as long as seven years. For example, a borrower might find it difficult to borrow money from a bank to buy a car or a house. In addition, the Internal Revenue Service can withhold the borrower's U.S. individual income tax refund and apply it to the amount the borrower owes, or the agency holding the loan might ask the borrower's employer to deduct payments from his or her paycheck. Also, the borrower may be liable for loan collection expenses. If the borrower returns to college, he or she will not be entitled to receive additional federal student financial aid. Legal action also might be taken against the borrower. In many cases, default can be avoided by submitting a request for a deferment, forbearance, discharge or cancellation and by providing the required documentation.

CONSOLIDATION

Eligible federal student loans can be combined into one direct consolidation loan.  Please contact the Office of the Director of Financial Services for more information regarding loan consolidation.

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