Rights and Responsibilities
A student has a right to know:
- What financial aid programs are available at Michigan Technological University.
- The deadlines for submitting applications for each available financial aid program.
- How financial aid will be distributed, how decisions on that distribution are made and the basis for these decisions.
- How financial eligibility is determined including costs for tuition and fees, room and board, transportation, books and supplies, and personal needs are estimated in the budget.
- How your financial need was determined.
- What resources (such as family contribution and other financial aid, assets) are considered in the determination of financial aid eligibility.
- How much of your financial need has been met
- Information about the various components of your financial aid package.
- The Institutional Refund Policy for Michigan Technological University.
- What portion of financial aid must be repaid and what portion is grant aid. If the financial aid package includes loans, a student has the right to know the full amount of the loan, the interest rate, when repayment is to begin, the yearly and total amounts of debt, repayment procedures, deferment and consolidation availability, length of repayment, consequences of default, and the ability to prepay the loan without penalty at any time.
- How Michigan Tech determines satisfactory academic progress, what happens if you are not meeting the requirements, and how to re-establish eligibility for financial aid.
- How and when financial aid will be disbursed.
- That you are entitled by law to examine records maintained in the Financial Aid Office that relate to your financial aid file.
- That your financial aid package will be reviewed upon your request if family and/or financial circumstances have changed
- Michigan Tech’s graduation rates and crime statistics.
- The names of associations, agencies or governmental bodies that approve, accredit or license the University programs.
A student is responsible for:
- Obtaining all the forms required to apply for the type of assistance you wish to receive. You must complete all application forms accurately and submit them on time to the right place.
- Providing accurate information (misrepresentation of information on a financial aid application is a violation of federal law).
- Supplying (on a timely basis) all additional documentation, verification, corrections, or new information requested by either the Financial Aid Office or the agency to which you submitted your application.
- Reading and understanding all forms you are asked to sign and keeping copies of them.
- Accepting responsibility for all agreements you sign.
- Performing the work that is agreed upon in accepting a federal work-study position
- Being aware of and complying with deadlines for application or reapplication for aid.
- Reporting changes that might affect your eligibility for financial aid including:
- change in address or type of residency
- changes in enrollment status
- changes in marital status
- all grants and scholarships not awarded by Michigan Tech's Financial Aid Office must be reported via Banweb or by contacting the Financial Aid Office
- Signing promissory notes for student loans, following the repayment schedule, notifying school, agency and lender of changes in name, address, social security number, or attendance, receiving entrance counseling before receipt of first loan disbursement and exit counseling before leaving Michigan Tech.
- Providing any requested forms to defer repayment of student loans.
- Knowing the University’s refund procedures.
- Providing a personal thank you letter to a benefactor, as requested by the Michigan Tech Fund and the Financial Aid Office.
Note: All schools must provide information to prospective students about the school’s programs and performance. You should consider this information carefully before deciding to attend.