Financial Aid: Rights & Responsibilities
You have the right to:
- Be considered for those programs for which you qualify, as long as funding is available.
- Receive complete information about how your financial aid eligibility was determined.
- Obtain full information about financial aid programs and pertinent regulations, policies and procedures.
- Receive information about your debt burden as a result of receiving loans.
- Receive information about monthly and total repayment options available as well as debt management strategies.
- Expect that your financial records, your parents’ financial records and your award information are kept confidential in accordance with the Family Educational Rights and Privacy Act of 1974 (FERPA).
- Expect notification of your financial aid offer and any adjustments to it.
- Expect your financial aid eligibility will be determined in an equitable manner consistent with federal and state regulations and institution policies.
When you accept financial aid, you agree to:
- Report additional resources (such as outside scholarships) and any changes to those resources to Washington State University’s Student Financial Services Office. If the receipt of additional resources results in an over award (financial aid and resources exceed your need or the Cost of Attendance), you may be required to pay back a portion of your financial aid received and financial aid for subsequent terms may be reduced.
- Supply complete and accurate information used to determine your eligibility for aid.
- Maintain Satisfactory Academic Progress (SAP).
- Be formally admitted to Washington State University and be admitted and enrolled in a degree or certificate program, or be taking required preparatory coursework for admittance into a degree or certificate program in order to be eligible for financial aid.
- Not have previously borrowed in excess of any federal loan limit.
WSU’s census date is the 10th day of the semester. On this day, we will take a “snapshot” of your enrollment for the semester. This snapshot determines what financial aid you will receive for the term.
It is extremely important that you finalize your class schedule by 11:59 PM (PST) on the tenth day of the semester. This will allow us to ensure that your award is accurate. Also, you will be unable to access your myWSU account to make any changes while census is in progress. Your financial aid will be recalculated if you are less than full-time on this date.
How Census Works
- Your aid will be recalculated for enrollment changes based on or before the census date.
- Federal loans require at least half-time status (Undergraduate: 6 credits, Graduate: 5 credits). Loans will automatically disburse for students enrolled half time.
- Pell Grants, Washington College Grant, Institutional Grants, Cougar Commitment Grant, and the College Bound Promise are reduced/pro-rated for students in fewer than 12 credits, based on enrollment level.
- If you are enrolled less than full-time, we will adjust your grants based on your credit level and will deliver these monies after the census date. No action is required on your part. You will be notified by your WSU email when this is done.
- If you are enrolled full time, no action is required on your part and there is no impact to your financial aid offer.
Loans: Borrowing Responsibly
Borrow only what you can repay
Before applying for a loan, determine how much you’ll be able to afford to repay by estimating your post-graduation budget.
Your budget should include:
- What you can expect to earn after graduation
- What your monthly loan payments will be
- How much you must have for other living expenses
Account for fees and interest
It costs money to borrow money. Be sure to keep track of interest rates and fees.
Avoid Capitalization
If possible, pay the interest on unsubsidized loans immediately after disbursement to avoid capitalization. The longer you take to repay your loans the more interest you will pay!
Additional Loan Tips
- Know your rights and responsibilities.
- Organize all loan information in one secure location. Keep detailed records of how much you borrowed and from whom.
- Always inform your lender of your contact information changes (e.g. change of name, mailing address, email address, phone number, etc.), and always respond to lender-initiated communication.
- After borrowing your first federal student loan, and until all are repaid completely, regularly verify the accuracy of your loan information in the National Student Loan Data System.
What is loan default?
You loan enters a default status after you have gone too long without paying. The exact deadline can vary, but for a loan made under the William D. Ford Federal Direct Loan Program or the Federal Family Education Loan Program, you’re considered to be in default if you don’t make your scheduled student loan payments for at least 270 days.
Defaulting on loans may have long-lasting consequences including but not limited to:
- A significantly damaged credit rating
- Garnished wages and withheld tax refunds
- Ineligibility for loan deferment, forebearance or selective repayment plans
- Your loan holder can take you to court
If you are struggling to make your loan payments, contact your loan servicer immediately to avoid default and look into programs like the Fresh Start Program. The sooner you act, the better!
Master Promissory Note
Before you receive a loan, you’ll sign a promissory note—a legal contract between you and the United States Department of Education—in which you promise to repay the amount you borrow and agree to the loan’s terms and conditions. Do not sign unless you understand ALL of your responsibilities and rights.
Loans: Rights & Responsibilities
You have the right to ask a college or university:
- What it costs to attend and what its refund policies are if you withdraw from school.
- How the college determines whether you’re making Satisfactory Academic Progress (SAP) and what happens if you’re not.
- To disclose the percentage of its students who complete the college’s programs and the percentage who transfer out.
- About its accreditation and licensing.
- What financial help is available, including information on all federal, state and college financial aid programs, not just loans.
- About the deadlines for submitting applications for each financial aid program and how recipients are selected.
- How your financial need is determined, including how costs for tuition, fees, housing, food, transportation, books, supplies, personal and miscellaneous expenses are considered in your cost of attendance (COA).
- What income, assets and other factors are considered in your expected family contribution (EFC) calculation, and how much of your financial need, as determined by the college, is met.
- To explain the various elements in your financial aid package, and how and when you’ll receive your aid.
- To explain how your financial aid offer was determined.
- How much of your financial aid must be paid back, and what portion is grant or gift aid. If you’re offered a loan, you have the right to know the interest rate, the total amount that must be repaid, payback procedures, when repayment begins and how long you have to repay.
- How to be considered for additional aid, if your financial circumstances change.
- About the effect outside scholarships may have on your financial aid award.
- How to reapply for financial aid for subsequent years.
- For its job placement rates—the percentage of students who are placed in jobs relating to their course of study.
You have a responsibility to:
- Research the colleges you’re considering. Talk to your high school counselor, as well as current and former students and local employers, if appropriate.
- Consider all information about the college’s programs before enrolling.
- Complete the financial aid application accurately and submit it on time to the right place. Intentional misrepresentation on an application for federal financial aid is a crime that may result in penalties, including prison and fines.
- Respond promptly and provide all requested verification documentation, corrections to your financial aid application or additional information to the appropriate place.
- Read and keep copies of all forms and agreements you sign.
- Report in writing to your college financial aid office all additional financial aid resources you receive.
- Know and comply with the deadlines for applications or reapplications for aid, and understand the school’s refund procedures.
- Ask your college’s financial aid office about jobs if you were awarded work-study or student employment, including the hours you must work, your duties, the pay and how you’ll be paid.
- Complete loan entrance counseling before you receive your first loan disbursement—and exit counseling before you leave school.
- Compare your anticipated monthly student loan payments and other expenses to your expected take-home pay after college.
- Understand your school’s return-of-aid policy if you receive federal or state financial aid and withdraw from school. You or your school may have to return some of the financial aid money.
- Repay your student loans, even if you don’t complete your education, can’t get a job or aren’t happy with your education.
- Notify your college and lender promptly of changes in your name, permanent mailing address, telephone number, enrollment or marital status, or your financial resources.
- Request a deferment or forbearance, or change repayment plans if you’re having trouble making your monthly payments.
Loan Counseling Requirements
Some loans you receive while attending Washington State University require entrance and exit counseling. Both are informative and quick sessions that can be completed online.
Entrance Counseling
Entrance counseling is meant to ensure you completely understand the terms and conditions of the loan prior to completing the transaction.
Exit Counseling
Exit counseling serves as a reminder of repayment responsibilities and ensures that you have the necessary information for successful repayment.