Federal guidelines require that all universities provide information to prospective students concerning the institution’s programs and performance. Each student should consider this information carefully. The student has the right to know:

1. The financial aid programs available at Wayland.
2. The deadline for submitting applications for each of the programs.
3. How financial aid is distributed, how decisions on distributions are made, and the basis for these decisions.
4. How a financial aid award was determined. (costs for tuition, fees, room/ board, travel, books, supplies, personal and miscellaneous expenses are considered in the student’s education expense budget.)
5. Which resources (their current assets, parental contribution, other financial aid, etc.) were considered in the financial need calculation.
6. How much of the financial need, as determined by the Department of Education, has been met.
7. The details of the various programs in a financial aid package.
8. Wayland’s refund policy if enrollment ceases before a term ends.
9. What portion of the financial aid received must be repaid, and what portion is grant aid. If the aid is a loan, the student has the right to know the interest rate, the total amount that must be repaid, and when the repayment is to begin.
10. How Wayland determines satisfactory academic progress and the financial aid penalties for unsatisfactory progress.

When accepting a financial aid package, a student also accepts the responsibility to:

1. Complete application forms accurately and submit them on time to the proper places.
2. Provide correct information. In most instances reporting erroneous information on financial aid application forms is a violation of law, possibly a criminal offense, resulting in indictment under the U.S. Criminal Code.
3. Return promptly additional documentation, verification, corrections, and/or new information requested by either the Financial Aid Office or the agency to which the application was submitted.
4. Read and understand all forms signed, and keep copies of the forms.
5. Fulfill the terms of all agreements signed.
6. Perform the work agreed upon when accepting a university work-study award.
7. Understand and comply with the deadlines for application and reapplication for aid.
8. Understand Wayland refund procedures if enrollment ceases before a term ends.
9. Report changes in name, address, and telephone numbers to the proper offices.
10. The student is responsible for using his/her Wayland e-mail address for all electronic communications with financial aid.

* WBU 15-16 Pages 31-32