Applying for and accepting federal financial aid comes with a combination of rights and responsibilities for each student. NHI works with each student to help them become a knowledgeable consumer and a savvy borrower.
A student has the right ask a school:
- What financial assistance is available, including information on all federal, state, and institutional financial aid programs.
- What the deadlines are for submitting applications for each of the financial aid programs.
- What is the cost of attendance and what are the policies concerning refunds should a student withdraw.
- What criteria are utilized in selecting financial aid recipients.
- How a student’s financial need is determined.
- What resources are available (student/spouse contribution, other aid, savings, etc.).
- What portion of the financial aid received must be repaid and what portion is grant aid.
- What is the school’s policy for maintaining satisfactory academic progress and the consequences for failing to meet those standards.
A student has the responsibility to:
- Review and consider all information about a school’s program before he/she enrolls.
- Complete their financial aid forms accurately and timely. 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.
- Return all additional documentation, verification, corrections and/or new information requested by either the Financial Aid Office or the agency to which he/she submitted his/her application.
- Use federal and/or state student financial aid only to pay the cost of attending an institution of higher education.
- Read and understand all forms that he/she is asked to sign, and keep copies of them.
- Accept responsibility for all agreements he/she signs.
- If he/she has a loan, notify the lender of changes in name, address, or school status.
- Know and comply with the deadlines for application or reapplication for financial aid.