Virginia Commonwealth University

Resources

Borrower's Rights and Responsibilites (pdf, via U.S. Dept. of Education)

Rights and Responsibilities

Students have the right to know:
  • What financial aid programs are available from federal, state, and institutional sources;
  • How to apply for financial aid;
  • How financial aid eligibility is determined;
  • How financial aid funds are distributed among students;
  • The rights and responsibilities of receiving financial aid;
  • Which resources (such as parent contribution, other financial aid, personal assets, etc.) were considered in the calculation of need and how much of your financial eligibility, as determined by VCU, has been met;
  • How and when funds will be disbursed;
  • The university's refund policy;
  • What portion of the financial aid received must be repaid and what portion is grant aid-if the aid is a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the repayment procedures, the length of time allowed to repay the loan and when repayment begins;
  • How the university determines Satisfactory Academic Progress and the consequences to financial aid when not making Satisfactory Academic Progress; and
  • For any Federal Work-Study job, a description of the job, the hours you must work, the rate of pay, and how and when you will be paid.
Students have the responsibility to:
  • Complete applications and promissory notes and submitting them on time to the appropriate place;
  • Provide accurate information. In most instances, misrepresenting information on financial aid application forms is a violation of law and may be considered a criminal offense which could result in indictment under the US Criminal Code;
  • Return all additional documentation, corrections, and/or new information requested by either the Office of Financial Aid or the agency to which the application was submitted;
  • Read and keep copies of all forms signed;
  • Notify the Office of Financial Aid of the following information:
    • Changes in name;
    • Changes in factors used to determine eligibility including residency, housing plans, marital status, number of dependents, undergraduate/graduate/professional classification, major, and enrollment level;
    • Other sources of financial aid received during the period covered by the award letter; and
    • Withdrawal from VCU after a semester has begun.
  • Comply with application deadlines;
  • Repay any student loans received;
  • Attend any entrance or exit interviews required for receipt of federal student loans;
  • Satisfactorily perform the work agreed upon in a Federal Work-Study job; and
  • Know and comply with all requirements for continuation of financial aid, including Satisfactory Academic Progress requirements.

Financial Aid

Harris Hall
1015 Floyd Ave., 1st Floor
P.O. Box 843026
Richmond, VA 23284

Phone: (804) 828-6669
Email: Follow this link for email contacts

Hours: Monday - Friday, 8 a.m. - 5 p.m.