You Have a Right to Know

Consumer Information

Federal regulations require that institutions make consumer information readily available to current and prospective students, and to current and future employees.  Consumer information ensures the consumer has information regarding general University information, academic program offerings, student financial assistance and related policies, health and safety policies, student enrollment, diversity, and outcomes and achievements of the academic programs offered. Consumer Information can be reviewed on the University’s website.

Student Information and Confidentiality

Pursuant to the Family Education Rights and Privacy Act (FERPA), all records and data submitted with an application for financial aid will be treated as confidential information. Students should review and understand the University’s FERPA policy.

Students will be required to confirm their identity prior to the release of financial aid information.  Students who appear in person will be able to show their government or University issued photo ID or confirm personal identifiable information (PII) prior to the release of confidential information.  Students have a right to identify an authorized person(s) to call and obtain financial aid information on their behalf.  Their designee(s) will also need to confirm PII information and/or provide a passcode prior to the release of student information.

FINANCIAL AID RIGHTS & RESPONSIBILITIES

As a financial aid recipient, you have the following rights and responsibilities relating to financial aid.  Please read thoroughly

You have the right to know

• I can seek financial aid counseling.
• What financial assistance is available, including all federal, state and University funding.
• The procedures, forms, deadlines and eligibility requirements to apply for assistance.
• The criteria for selecting aid recipients and determining the amount of aid awarded.
• The composition of the cost of attendance and how amounts are determined.
• How the expected family contribution is calculated, how my financial need is established and how any outside resources may impact my eligibility.
• I can accept or decline any of the financial aid awards awarded.
• I can obtain written information on my loan obligations, including:
  • Information about my lender and servicer, when there is a change in my lender and/or servicer,
  • The Interest rate and loan fees assigned to my loan,
  • Principal and interest balances owed,
  • Available grace periods,
  • First repayment date,
  • Repayment options including length of time to repay, deferment/forbearance options, loan forgiveness options, prepay my loan in whole or in part anytime without an early-repayment penalty; and documentation when my loan is paid in full.
• The University’s tuition refund and the return of financial aid policies as a result of declaring a leave of absence, withdrawing, or being dismissed from the University.
• When financial aid funds will be disbursed and the method of receiving a credit balance refund.
• The standards of maintaining Satisfactory Academic Progress for Financial Aid Eligibility and the process of appeals if I lose eligibility.
• That the information you provide to the Financial Aid Office will be treated confidentially as mandated by the Family Educational Rights and Privacy Act and the Gramm-Leach Bliley Act.
• You may receive more than one Direct Loan under the MPN that you previously signed for up to 10 years if the school you attend is authorized to use the multi-year feature of the MPN and chooses to do so, which NEOMED does. If you do not want to receive more than one loan under the same MON, you must sign a new MPN for each loan. If you do not want to receive more than one loan under the same MPN, you must notify NEOMED or your servicer in writing.

You are responsible for

• Accurately and honestly completing the Free Application for Federal Student Aid (FAFSA). False or misleading information is a criminal offense.
• Knowing required deadlines and respond timely to request for documentation and disclosing new information.
• Reapplying for financial aid every year by the deadlines announced by the Financial Aid Office.
• Seeking personal assistance in the event I do not understand materials I am responsible for completing or is provided to me about my awards.
• Completing required student loan entrance counseling before my federal student loans disburse to my student tuition account, and completing required exit counseling when my enrollment drops below half-time status or prior to graduating.
• Reporting any outside resource I receive that is to assist me with my education expenses (including both direct and indirect education expenses).
• Repaying my loan according to my repayment schedule even if I do not complete my academic program, I am dissatisfied with the education I received, or I am unable to find employment after I graduate.
• Using any federal, state, University or private funding for the sole purpose of expenses related to my enrollment at NEOMED.
• Reading, understanding and complying with forms and agreements you sign and maintain copies of all agreements.
• Understanding policies related to how your enrollment can affect your eligibility for financial aid, including but not limited to the Satisfactory Academic Progress for Financial Aid Eligibility Policy, the Tuition, Fee and Insurance Recalculation Policy and Financial Aid Recalculation Policy.
• Notifying the University in changes to my name, address, phone number, and direct deposit authorization form.
• Notifying my lender or loan servicer if
  • I move or change my address,
  • I change my telephone number,
  • I change my name,
  • I change my Social Security number, or
  • I change employers or my employer’s address or telephone number changes;
  • Notifying my lender or loan servicer of anything that might alter my eligibility for an existing deferment or forbearance, or my qualification for an income-driven repayment plan.

Financial Aid Professionals Statement on Ethical Principles & Conduct

NEOMED Financial Aid Professional Staff

• Does not require students to use a particular lender or in any way limit the choice of lenders for students.
• Does not recommend external lenders to students or their parents, and does not
  maintain a list of lenders that are preferred over other lenders (we do provide a list of lenders as possible suggestions – which in no way should be recognized as preferring one over another).
• Processes loan applications through any lender a student or parent chooses.
• Does not solicit or accept anything of value from any lender in exchange for any
  advantage sought by the lender to make educational loans to students enrolled at, or admitted to, the University.
• Prohibits employees of the financial aid office, or any employee who otherwise has
  responsibilities with respect to educational loans, from taking from any lender any gift worth more than nominal value.
• Prohibits employees of the financial aid office, or any employee who otherwise has
  responsibilities with respect to educational loans, from entering into any type of
  consulting arrangement or other contract to provide to a lender services relating to
  educational loans.
• Prohibits employees of the financial aid office, or any employee who otherwise has
  responsibilities with respect to educational loans, who serve on an advisory board (or commission or group) relating to educational loans established by a lender or group of lenders from receiving anything of value from the lender or group of lenders in connection with serving on such advisory board (or commission or group).
• Prohibits external lenders’ employees, representatives, or agents from providing staffing services to the financial aid office.
• Prohibits external lenders’ employees, representatives, or agents from identifying
  themselves to students of the University or their parents as employees, representatives or agents of the financial aid office.
• Does not assign for any borrower, through award packaging or other methods, a loan to a particular lender, and does not refuse to certify or delay certification of any loan based on the borrower’s selection of a particular lender or guaranty agency.
• Adheres to all applicable laws and regulations governing federal, state and institutional financial aid programs and applies laws and regulations equitably and consistently.
• Provides students with the information they need to make educated decisions about attending and paying for their education at NEOMED.
• Ensures that student and parent private information provided to the financial aid office is protected in accordance with all state and federal statutes and is only used for the application, award and administration of aid awarded under Title IV of the Higher Education Act, state and institutional aid programs.