Student Rights: students applying for financial aid have the right to:
Have all personal and family financial information treated with dignity, sensitivity and confidentiality.
Know and understand all rules, regulations, and policies pertaining to financial aid.
Accept or decline any aid offered. Students are not obligated to borrow, and have the right to reduce or decline any offer of student loans.
Request reconsideration of an award if circumstances change.
Make an appointment to meet with a member of the financial aid team.
Know what financial aid programs are available at the university, including all federal, state, and institutional aid programs.
Know the deadlines for submitting applications, forms and required documentation; and the consequences of not meeting a deadline.
Have complete information regarding fees, payment and the university’s refund policy.
Know generally how financial aid is distributed and the basis for such decisions.
Know how their financial aid was determined, including educational costs and eligibility criteria.
Know what factors (such as parental and student contributions) are considered in the calculation of financial need.
Request an explanation of the various resources in their financial aid package.
Know what portion of their financial aid must be repaid, and what portion is gift aid.
Know who the lender/servicer is for any loan, what the university’s relationship is to that particular lender/servicer, the total cost of borrowing, the interest rate, the total amount that must be repaid, the length of time for repayment, when repayment begins, and all other terms and conditions of the loan.
Choose any lender for your student loans and expect that Arcadia University will process the loan with your requested lender.
Understand how the university measures satisfactory academic progress and the consequences of not making progress.
Student Responsibilities: students receiving financial aid must assume responsibility for maintaining their aid from semester to semester. Students are expected to:
Review and consider all information about the university’s programs and net cost before enrolling.
Know and comply with the rules governing all financial aid you receive.
Complete the FAFSA each year as soon as possible following the October 1 start-up of the application cycle. To maximize your financial aid, your FAFSA must be received no later than April 1 preceding the respective academic year.
Report all information accurately and completely, to the best of your knowledge. Intentional misreporting of information is a criminal offense and subject to penalties under law.
Provide all supporting documents in a timely manner, including verification items, additional information requests, corrections, loan promissory notes and associated counseling, and (or) new information requested by either the financial aid office or authorized external provider.
Advise the financial aid office if you change your housing status and (or) change your enrollment status.
Report any grant/scholarship, tuition benefit, loan or other aid received from any source or provider that does not appear on your financial aid award at Arcadia University.
Read, understand, and retain a copy of all pertinent financial aid documents.
Accept responsibility for all signed agreements.
Monitor your account and meet your financial obligations to the university.
Perform the work that is agreed upon in accepting a federal work study award.
Maintain satisfactory academic progress.
Notify the financial aid office if family financial circumstances change.
Know and comply with the university’s refund policy.
Notify the university and student loan provider(s) of any changes in contact information.
Comply with federal IRS taxation and income reporting requirements.
Arcadia University Enrollment Management Staff are committed to offering students choice when it comes to the student loan selection process. While Arcadia University works in cooperation with four or more lenders, students are free to select the lender of their choice but are advised to research loan terms (interest rate, rebate incentives, fees, deferment and repayment terms, etc.) when making said selection. The Arcadia Lender Selection Committee chooses four or more lenders annually on the basis of:
Service, including timely processing and disbursement of loans
Competitiveness of products within the marketplace at the time of selection
Diversity of products offered
As such, the selection of these lenders is based solely on the best interests of the students/parents who attend the institution and Arcadia University receives no monetary remuneration for working in cooperation with these lenders.
In keeping with The Student Loan Sunshine Act, staff members in the Office of Enrollment Management abide by the NASFAA (National Association of Student Financial Aid Administrators) Statement of Ethnical Practices. As such, no staff member:
Accepts any gift worth more than $10 from a representative of a student loan company/lender. Gifts include meals, travel, lodging and entertainment.
Accepts any remuneration or expense-reimbursement for serving as a member of a lender’s advisory board. Staff may, however, participate on advisory boards that are unrelated in any way to higher education loans.
Will enter into supplemental employment with lenders that create any potential “conflict of interest” with their duties as an Enrollment Management Staff member and student financial aid counselor.
Will enter into any revenue-sharing arrangement with a lender, or hold stock options with a lender.
Arcadia University requires all staff members within the Enrollment Management Office to complete a conflict of interest statement as well. Staff who knowingly fail to follow the guidelines of this document, or any of the guidelines listed above, will be subject to normal disciplinary guidelines.