Financial Aid Student Rights and Responsibilities

You have the right to know:

• What financial assistance is available at Great Lakes Boat Building School, including federal, state, and institutional programs.
• The deadlines for submitting applications for each of the financial aid programs available.
• The terms and conditions of the various financial aid programs, including the criteria for continued eligibility for each program.
• The cost of attending GLBBS.
• GLBBS’ refund and withdrawal policies.
• The criteria used by the Financial Aid Office to select financial aid recipients.
• How your financial aid eligibility was determined, and what resources were considered in the calculation of your financial aid eligibility.
• How much of your financial need is unmet, as determined by the Financial Aid Office.
• What portion of the financial aid you receive must be repaid, and what portion is grant and therefore not repayable.
• How and when your financial aid will be disbursed.
• If you have been offered Federal Work Study, the process to apply for employment, the types of employment available, and the terms and condition of that employment.
• If the aid is a loan, you have the right to know the terms of the loan, such as the interest rate, the total amount to be repaid, cancellation provisions, the procedure for repayment, when the repayment is to begin, and deferment and forbearance possibilities and any special consolidation or refinancing options.
• How to appeal your financial aid offer if you feel there are special circumstances that were not originally taken into consideration.
• How GLBBS determines whether you are making satisfactory academic progress for financial aid, what happens if you are not, and how to re-establish your eligibility for financial assistance.

You are responsibile to:

• Read, retain, and understand all information supplied to you from the Financial Aid Office. If you have any questions or concerns, you are welcome to contact the office.
• Promptly respond to inquiries or requests for information from the Financial Aid Office.
• Understand and comply with the terms and conditions of the aid you receive, including deadlines, continued eligibility, and application procedures.
• Inform the Financial Aid Office if you receive any type of additional financial assistance from an outside agency. By law, when determining your financial aid eligibility, the Financial Aid Office is required to consider all sources of funding.
• Supply accurate and thorough information on all forms submitted to the Financial Aid Office. Funds obtained on the basis of false information will have to be repaid and might subject you to penalties under the U.S. criminal code.
• Use financial aid funds only for educational expenses (tuition, fees, room, board, books, tools, supplies and other living costs).
• Notify the Financial Aid Office if your enrollment status changes.
• Report a change of address or name to the Operations Office. This will ensure the Financial Aid Office will have the most recent and accurate information.
• Maintain satisfactory academic progress as prescribed by the GLBBS policy on satisfactory academic progress for financial aid.
• If you borrow a federal loan, complete entrance counseling and exit counseling.
• If you borrow a loan, repay that loan. Failure to meet this obligation will adversely affect your credit rating and make you ineligible for future educational loans.
• If you borrow a loan, notify your lender or servicer of any changes in name or address while you are attending school and after you leave school.

Rights and Responsibilities specific to students receiving Title IV, HEA loans

The borrower’s rights include the following:

• written information on loan obligations and information on rights and responsibilities as a borrower;
• a copy of the MPN either before or at the time the loan is disbursed;
• a grace period and an explanation of what this means;
• a notification, if the U.S. Department of Education transfers the loan to another servicer without the borrower’s consent;
• a disclosure statement, received before beginning to repay the loan, that includes information about interest rates, fees, the balance owed, and a loan repayment schedule;
• deferment or forbearance of repayment for certain defined periods, if a borrower qualifies and if requested;
• prepay the loan in whole or in part anytime without an early-repayment penalty; and
• documentation when the loan is paid in full.

The borrower’s responsibilities are the following:

• completing exit counseling before leaving school or dropping below half-time enrollment;
• repaying the loan according to the repayment schedule even if the borrower does not complete the academic program, is dissatisfied with the education received, or is unable to find employment after graduation;
• notifying the lender or loan servicer if the borrower changes address, telephone number, name, social security number, and employer or its address or telephone number;
• making monthly payments on the loan after the grace period ends, unless the borrower has a deferment or forbearance; and
• notifying the lender or loan servicer of anything that might alter the borrower’s eligibility for an existing deferment or forbearance.