When you accept an offer of financial assistance from the Financial Aid Office at UMass Lowell, you are entering into an agreement with the university. There are certain rights and responsibilities associated with this agreement.
- You have the right to know what the cost of attendance is, and what the policies are on refunds to students who are no longer enrolled
- You have the right to know what financial aid is available to you, including all federal, state, and institutional assistance. In addition, you have the right to know the deadlines, selection criteria, terms, policies, procedures, and regulations that apply to each of the programs
- You have the right to know what procedures and deadlines are for submitting applications for each available financial aid program
- You have the right to know what criteria the university uses to select financial aid recipients
- You have the right to know how the university determines financial need. This includes how costs for tuition and fees, food and housing, transportation, books and supplies, and miscellaneous personal expenses are included in your student budget.
- You have the right to know what portion of the financial aid you receive is gift assistance (grants and scholarships) and what portion must be repaid (loans).
- If you have a student loan, you have the right to know the terms of the loan. This includes the interest rate, the total amount that must be repaid, the length of time you have to repay, when you must start repayment, cancellation provisions, deferment and forbearance possibilities, and any special consolidation or refinancing options.
- You have the right to know the criteria for maintaining your financial aid eligibility.
- You have the right to know how the university determines whether you are making Satisfactory Academic Progress (SAP) and what happens if you are not.
- You have the right to know the university's Withdrawal Policy.
- You have the right to appeal your financial aid award if there are special circumstances that you believe were not taken into consideration.
- You have the right to request a reduction or cancellation of your student loan.
- You have the right to privacy (FERPA). All records and information you submit are confidential and subject to legal requirements concerning disclosure of such information.
- You have the right to examine, with a financial aid counselor, records in our office that relate to your financial aid file.
You have certain responsibilities associated with the awarding of financial aid funds. Aid may not be disbursed to your student account if you do not fulfill these responsibilities:
- It is your responsibility to obtain information regarding deadlines and the financial aid application process.
- It is your responsibility to reapply for financial aid each year by filing the Free Application for Federal Student Aid (FAFSA) and completing all required documents in a timely manner. Financial aid is not automatically renewed each year.
- You are responsible for reading, retaining and understanding all forms and information supplied to you from our office and to keep copies of all forms you sign and submit.
- You are required to inform The Solution Center in writing of any outside sources of aid that do not appear on your award letter. Examples may include: scholarships, tuition credits and veteran’s or rehabilitation benefits.
- You are responsible for responding promptly to inquiries or requests for information from the Financial Aid Office.
- It is your responsibility to check your university-assigned email account often since most information and requests are sent via email.
- You are responsible for notifying The Solution Center if your enrollment status changes. This will ensure that your financial aid award is based upon the correct enrollment status.
- You are responsible for maintaining and updating changes to address and phone numbers. Name changes must be reported to The Solution Center. This will ensure that our office has the most recent and accurate information.
- You must contact the Financial Aid Office if you plan to participate in a Consortium, Study Abroad, National Exchange Program or Professional Cooperative Education Program.
- If you borrow a loan, you are responsible for notifying The Solution Center and your lender or servicer of any change in your name, phone number or address while you are attending school and after you leave school.
- All new Direct Loan borrowers must complete an online Entrance Counseling and Master Promissory Note.
- You are required to maintain satisfactory academic progress (SAP) consistent with the university's SAP policy and requirements.
- You are responsible for maintaining satisfactory status on student loans. Students who default on federal student loans or owe refunds on federal grants are not eligible for federal aid.
- All students who graduate, withdraw, or drop below half-time (6 credits) status must complete an Exit Loan Counseling session.
- You are responsible for using financial aid funds only for educational expenses (tuition, fees, housing, food, books, supplies, and other living costs).
- Understand all the financial aid terms and conditions
- Grant and scholarship aid that exceeds the cost for tuition, fees, books, and required equipment and supplies may be considered taxable income. UMass Lowell provides each student with a form 1098-T for the prior calendar year; the form totals the student’s institutional charges for tuition and fees as well as a total for grants and scholarships. For additional information, please refer to IRS Publication 970: Tax Benefits for Education, available on the IRS website, or discuss your situation with a personal income tax professional.