Listed below are the responsibilities of the institution when it provides financial aid services and the responsibilities of the student when he/she is the recipient of financial aid.
Institution's Responsibilities
Knox College is responsible for making available, through publications and mailings to current and prospective students, financial assistance information on the following:
- The College's withdrawal process and refund policy of the institution when a student withdraws during a term
- The cost of attending Knox, including tuition and fees, room and board, books and supplies, and other miscellaneous expenses
- The Return of Title IV (federal) financial aid requirements
- What financial assistance is available to students who enroll at Knox, including federal, state, institutional, and private need and non-need based programs
- How to apply and the deadlines for applying for different types of aid
- The eligibility requirements for each type of aid
- Certify that the student meets the eligibility requirements for federal, state, and institutional funds, including citizenship requirements and the absence of certain drug offenses
- The criteria for selecting financial aid recipients at Knox
- Certify that any funds received in the financial aid package will be used solely for educational expenses at Knox
- How Knox determines a student's financial aid eligibility
- Certify that the student is not in default on a federal educational loan or has made satisfactory arrangements to repay any defaulted loan
- The rights and responsibilities of students receiving financial assistance
- Certify that the student does not owe an overpayment on any federal grant
- The standards the student must maintain to be considered to be making satisfactory academic progress and receive financial aid
- How a student who has failed to maintain satisfactory progress may re-establish eligibility for financial assistance
- Complete entrance and exit loan counseling that the College arranges if the student borrows money under the Federal Perkins and/or Direct Stafford Loan programs
- The amount of Title IV financial aid the student will receive, how and when funds will be disbursed, and which loan funds in a student's package are subsidized and which are unsubsidized
- Notify the College of any change in the student's name, address, or attendance status (If the student has a loan, the lender must be notified of any of these changes also.)
- The terms of any loan received by a student as a part of the student's financial aid package, including the interest rate, total amount to be repaid, the length of time allowed for repayment, when repayment begins, and what cancellation or deferment provisions apply
- The right of the student and/or parent to cancel all or a portion of any federal loan
- The general conditions and terms of any employment awarded to the student as part of the student's financial aid package
- How to have the financial aid package reviewed if the student believes there has been a mistake, or if the student's enrollment or financial circumstances have changed
Student's responsibilities
A student applicant for financial aid has the responsibility to:
- Complete the financial aid application (optional) accurately and in a timely manner
- Know and comply with all deadlines for applying and reapplying for aid
- Provide all documentation, corrections, and/or new information requested by either the financial aid office or the agency to which the student submitted the application
- Notify the College of any information that has changed since the student applied
- Read, understand, and keep copies of all forms the student is asked to sign
- Satisfactorily perform the work agreed upon in any campus employment
- Understand the College's refund policy and the Return of Title IV Funds policy
- Repay any student loans the student has borrowed
