Financial Literacy – Your Rights and Responsibilities
Understand your right to financial aid information and your responsibilities as a financial aid recipient
You Have the Right to:
- Know what financial aid programs are available;
- Know the deadline for submitting applications for each of the programs available;
- Be informed of financial aid policies and procedures;
- Know how your financial eligibility was determined and what resources (such as your income, assets, parental contribution and other resources) were considered in the calculation of need;
- Know what portion of your financial aid must be repaid, and what portion is gift or aid received from work;
- Know how the Financial Aid Office (FAO) determines whether you are making satisfactory academic progress and what the consequences are if you are not;
- Request an explanation of the various programs in your financial aid package;
- Know the terms of any loans you receive, and your deferment, cancellation and forbearance rights.
You Have the Responsibility to:
- Maintain Satisfactory Academic Progress;
- Complete all application forms accurately and submit them on time;
- Provide correct information. Misrepresentation of information on financial aid applications is a violation of federal law and may be a criminal offense;
- Report any change in the information used to determine your eligibility, including name, family size, or other financial resources (i.e., scholarships);
- Return all documentation, verification corrections, and/or new information requested by either the Financial Aid Office or the agency to which you submitted your application, in a timely manner;
- Read and understand all forms that you are asked to sign and keep copies of them;
- Accept responsibility for all agreements that you sign;
- Perform the work that is agreed upon in accepting a Federal or Colorado Work Study award in a satisfactory manner;
- Notify the Financial Aid Office immediately if you withdraw from school or reduce enrollment status;
- Be aware of repayment procedures;
- Complete on-line entrance counseling and the Master Promissory Note (MPN) when applying for your first student loan and complete on-line exit counseling upon graduation, dropping below six credits or leaving Colorado Mountain College;
- If you are a recipient of a student loan, notify your lender and the Financial Aid Office if your enrollment status drops below half-time (6 credits).
- Repay all loans including the interest on those loans;
- File all required student loan deferment forms on time
- Read and understand the CMC .
Questions? Contact your Financial Aid Specialist at your campus.