Student Consumer Rights
You have the right to ask a school:
- What financial assistance is available, including information on federal, state and institutional financial aid programs.
- What the procedures and deadlines are for submitting applications.
- What the cost of attending is and what its policies are on refunds to students who drop out.
- What criteria it uses to select financial aid recipients.
- How it determines your financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, and personal and miscellaneous expenses are considered in your student budget.
- What resources (such as parental contribution, other financial aid, your assets, and others) are considered in calculating your need.
- How much of your financial need, as determined by the institution, has been met.
- To explain each type and amount of assistance in your financial aid package.
- What the interest rate is on any Student Loan that you have, the total amount you must repay, the length of time you have to repay, when you must start repaying, and what cancellation or deferment provisions apply.
- How the school determines whether you are making satisfactory progress and what happens if you are not.
Student Consumer Responsibilities
It is your responsibility to:
- Review and consider all information about a school's program before you enroll.
- Pay special attention to your application for student financial aid, complete it accurately, and submit it on time to the right place. Errors can delay or prevent you from receiving aid. Intentional misreporting of information on application forms for federal financial aid is a violation of law and is considered a criminal offense subject to penalties under the U.S. Criminal Code.
- Return all additional documentation, verification, corrections, and/or new information requested by either the Financial Aid Office or the agency to which you submitted your application.
- Read and understand all forms you are asked to sign and keep copies of them.
- Repay any student loans you have. When you sign a promissory note, you are agreeing to repay your loan.
- Notify the school of a change in your name, address or attendance status (half-time, three-quarter time or full-time). If you have a loan, you must also notify your lender of these changes.
- Satisfactorily perform the work agreed upon in a Federal Work-Study job.
- Know and comply with the deadlines for application. You must reapply annually.
- Know and comply with the school's refund policies.
Withdrawing From School
Regulations Affecting Financial Aid Recipients Who Are Withdrawing From School
If you withdraw from the University before 60% of the semester has been completed, you may be required to repay a portion of the financial aid funds awarded to you because of new regulations pertaining to federal and state financial aid programs.
When you withdraw completely from the University before finishing the semester, federal and state regulations require that the University determine whether a portion of your federal financial aid (other than Work-Study) must be returned. The amount of aid you may keep when you withdraw is in direct proportion to the length of time you remained enrolled during the semester.
If you were enrolled for 20% of the semester before you withdraw, 80% of your federal financial aid must be returned to the aid programs. If you stay through 50% of the semester, 50% of your aid must be returned. Once you complete 60% of the semester, however, you may keep 100% of the aid you received.
This means that if you withdraw before you have completed 60% of the semester, you may owe a financial aid repayment. The UW-Stout Business Office will notify you of any balance due the university as a result of returning the financial aid funds and the amount of financial aid you must repay. Financial aid repayments must be paid within a certain timeframe, after which any unpaid amount must be submitted to the Department of Education, thus preventing your ability to receive any further federal financial aid, until the amount is paid in full.
All students who are considering withdrawing are referred to the Registration and Records Office, room 109 Bowman Hall. Actual calculations for required repayment will be done in the Business Office.
For Fall 2008, the 60% date is Monday, November 3, 2008.
*Use of the term repayment pertains to repaying financial aid the student received and is not eligible to keep, due to withdrawing. This is separate from the obligations for repaying a student loan. All students who borrow through student loan programs must repay their loan according to the provisions of their promissory note.
*Even if you do not complete the formal withdrawal process and just stop attending class, these rules apply and you will be billed for any balance due and any financial aid repayment required.
*Also, it is important to note that students who withdraw may also fail to meet the Satisfactory Academic Progress Standards as required.
Exit Counseling for Stafford Loans
Exit counseling is a procedure required by the Federal government for you to learn about repayment obligations of your Federal Stafford loan. A letter will be sent to you by the Financial Aid Office prior to graduation, informing you about the need to complete exit counseling.
If you have received this letter, online exit counseling is available.