Rights and Responsibilities
You have the right to know:
- What financial assistance is available at Albion.
- The deadlines for submitting applications for each of the financial aid programs available.
- The cost of attending Albion and Albion’s refund policy.
- The criteria used by the Office of Financial Aid to select financial aid recipients.
- How your financial aid eligibility was determined.
- What resources are considered in the calculation of your financial aid eligibility.
- How much of your financial need is unmet, as determined by the Office of Financial Aid.
- The terms and conditions of the various financial aid programs.
- What portion of the financial aid you receive must be repaid, and what portion is grant and therefore not repayable. If the aid is a loan, you have the right to know what the interest rate is, the total amount to be repaid, the procedure for repayment, and when the repayment is to begin.
- How Albion determines whether you are making satisfactory academic progress for financial aid and what happens if you are not.
You are required to:
- Report to the Office of Financial Aid any change in the following:
- Housing changes (Albion College aid is calculated based on students living in campus housing and changes can occur for commuting/living off campus)
- Enrollment status
- Additional earnings, funds, or support, including any scholarships.
- Be enrolled at least half-time.
- Assume responsibility for any loans accepted.
- Review the loan terms and process any documents regarding repayment prior to graduation.
- Participate in the loan-counseling program prior to receiving your first loan and at the conclusion of your enrollment at Albion.
- For Federal Stafford Loans, notify the Direct Loan servicer or lender as specified in the loan terms.
- Repay any funds you receive which cannot be reasonably attributed to meeting your educational expenses.
- Maintain satisfactory academic progress in the course of study you are pursuing as prescribed by the Albion policy on satisfactory academic progress for financial aid, published in the Albion Academic Catalog.