Rights and Responsibilities of Federal Student Aid Recipients

As a student financial aid recipient, it is your responsibility to:

1. Complete and submit application materials to the appropriate agencies within required or recommended time frames.

All incoming undergraduates should complete the Free Application for Federal Student Aid ("FAFSA") for the 2012 - 2013  and 2013 - 2014 year. Families can use "estimated" tax information to complete the FAFSA form. However, you should return and update the FAFSA once you submit your final return to the Internal Revenue Service (IRS).

Currently enrolled students should complete the FAFSA no later than May 1, 2013 in order to receive priority consideration for all available need-based aid programs for the 2013 - 2014 year.

New York residents must meet all deadlines set by the New York State Higher Education Services Corp. (HESC) for the Tuition Assistance Program (TAP).

2. Read all materials sent to you from the Office of Financial Aid and other agencies awarding you aid. Read, understand, and keep copies of all forms you sign.

3. Know and comply with the rules governing the aid you receive. These rules include but are not limited to:

• You must not be in default on any prior educational loan.

• You must not owe a refund on a Federal Pell Grant, Federal Supplemental Educational Opportunity Grant , Federal Academic Competitiveness Grant , Federal SMART Grant or Federal TEACH Grant due to repayment.

4. Provide additional documentation, federal tax returns, W-2's, and any additional information if requested by the Office of Financial Aid.

5. Comply with the provisions of any promissory note and all other agreements you sign.

6. Complete the registration process each semester by the end of the drop/add period in order to ensure availability of all student aid funds you have been awarded.

• Note: Some aid programs are limited and may be subject to cancellation if your registration process is not completed by the end of the drop/add period.

7. Use student financial aid proceeds solely for direct educational costs and related living expenses.

8. Know the implications that dropping a course or withdrawing from NYIT will have on your student financial aid.

9. Students who are receiving federal financial aid funds must make satisfactory academic progress towards completing their degree program in a timely manner. You must meet these minimum requirements in order to participate in the federal aid programs. NYIT offers a number of resources to help you succeed academically and we expect that you will fully utilize them. These resources include:

• The Learning Center

• Disability Services

• The Counseling Center

Report private sources of student financial aid to Office of Financial Aid at the address below. Please submit a copy of your outside scholarship award letter to the Office of Financial Aid.

• Keep your local and permanent addresses current with the Student Records Office.

As a student financial aid recipient, you have the right to:

1. Know the correct procedures for applying for student financial aid, your cost of attendance, and the types of aid available.

2. Know how financial need is determined, what the criteria are for awarding aid, how academic progress is determined, and what you have to do to continue receiving aid.

3. Know the type and amount of assistance you will receive, how much of your need has been met, and how and when you will receive your aid funds.

4. View the contents of your student financial aid file, in accordance with the Family Educational Rights and Privacy Act.

5. Know the conditions of any loan you accept.

6. Know the terms, conditions, and pay rate for any student job you accept under the Federal Work Study Program. 

7. Appeal any decision with the Office of Financial Aid in regard to your application. Appeals must be filed no later than 30 days after the original notification that you have been denied aid.

Financial Aid for Consortium Agreement

NYIT graduate and undergraduate students who want to attend other institutions in the US or abroad for a semester(s) may qualify to utilize their federal financial aid under a consortium agreement. Students must be approved by their respective academic department prior to attending the semester(s). Students must contact the Office of Financial Aid to complete the Consortium Agreement, provide documentation of the cost of the attendance, course registration, contact information at the other school and their NYIT academic department’s approval at least four weeks prior to the start of the semester(s).

Financial Aid for Contractual Agreement

NYIT graduate and undergraduate students who want to attend other non- Title IV eligible institutions in the US or abroad for a semester(s) may qualify to utilize their federal financial aid under a contractual agreement. Students must be approved by their respective academic department prior to attending the semester(s). Student must contact the Office of Financial Aid to complete the Contractual Agreement, provide documentation of the cost of the attendance, course registration, contact information at the other school and their NYIT academic department’s approval at least four weeks prior to the start of the semester(s).

The regulations of the Department of Education will govern the determination of student’s eligibility of the Title IV aid available. Based on Federal Regulations not more that 25% of an educational program can be done under a contractual agreement. Ref: Vol. 2 — School Eligibility and Operations, FSA Handbook 2009–2010, Chapter 7 (34 CFR 668.5). Satisfaction of this requirement requires documentation from the respective academic department.

Who Will Send You a Bill?

The U.S. Department of Education is your student loan lender if you received Federal Direct Student Loans while a student at NYIT.  If you also received loans through the FFEL Program (through a local lender or servicer), chances are they have or will sell your student loans to the U.S. Department of Education.

Under provisions of the Ensuring Continued Access to Student Loans Act, lenders have the option to "PUT" (sell) loans to the U.S. Department of Education (DOE). Lenders must notify borrowers if their loans have been sold to the Department of Education. 

We have been notified by the following lenders that they intend to sell or have already sold their loan portfolios to the Department of Education:

Chase *  Citibank * edamerica* Key Bank * Total Higher Education ("THE") * Wachovia Education Finance * Wells Fargo * All Sallie Mae Lenders

You will be able to check if your loan has been sold by checking your records on the National Student Loan Data System.

Contact information for the Department of Education's Loan Servicing Center:

• On the web: www.ed-servicing.com

• By Phone: 800.508.1378 or 800.835.4611

Borrower services are available 8:00 a.m. to 11:00 p.m. EST, Monday through Friday

Please carefully review all correspondence that you receive from a lender. Several members of Congress are currently investigating lenders who have been accused of deceptive marketing tactics.

Special Programs:

• Cancellation and Deferment Options for Teachers
  

• Nursing Education Loan Repayment Program

• Loan Repayment/ Forgiveness Programs for Medical and Health Professions

• Students receiving federal education loans may obtain deferments while serving in the Peace Corps; under the Domestic Volunteer Service Act; and as a volunteer for a tax-exempt organization of demonstrated effectiveness in the field of community service. For more information, go to:
  
  
  • http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp
  • http://studentaid.ed.gov/students/attachments/funding/0809Deferment.pdf
  • http://www.studentloanborrowerassistance.org/repayment/no-prepayment-penalties/deferments/

Loan Consolidation Programs:

Federal Student Loan Consolidation Programs

Federal Student Loan Consolidation Programs have been popular in recent years. With all of the changes in the federal student loan programs during the past few years, we would anticipate that more students may want to utilize this program so that all of their loan accounts are consolidated with one lender.

FinAid: The Smart Student Guide to Financial Aid has a series of calculators which will let borrowers estimate their monthly payments under the loan consolidation program versus all other repayment plan options.

The Greentree Gazette has compiled The Student Loan Buying Guide, a comprehensive database with information on financing options through many major lenders.

How Aid Is Applied to Your Bill

Government Grants and Institutional Scholarships

Once you accept your financial aid offer, any NYIT merit scholarship funds will be credited directly to your account shortly after the end of the drop/add period. If you have completed all the required processing steps for a Federal Pell Grant and/or Federal Supplemental Educational Opportunity Grant, it will also be credited to your account after the end of the drop/add period.

Federal Perkins Loan

A Federal Perkins Loan will be credited to your account after you sign your Master Promissory Note where you accept your legal obligation to repay these funds. One half of these awards are credited each semester. NYIT will not credit these funds until after the drop/add period.

Federal Direct Loans

If you receive a Federal Direct Loan, the Department of Education will send the funds directly to NYIT each semester for one-half the amount borrowed minus fees. Students applying for their first Federal Direct loan are required by law to complete an entrance interview session before receiving the loan proceeds. Sessions must be completed online.

Federal Work-Study

Federal Work-Study earnings are not credited to the students’ accounts; students are paid by check bi/monthly. If you have been awarded and have accepted Federal Work Study funds, report to the Office of Student Employment once classes have begun. You should plan to have sufficient funds available to meet incidental, personal expenses until you receive your first pay check.

New York State Scholarships Programs

These awards will remain "tentative" until NYIT and the New York State Higher Education Services Corp (HESC) confirms your eligibility

How the School Distributes Aid among Students

Please view the website below to view financial aid statistics for NYIT. (Click on the financial aid link - bear in mind the lag in posting data to this site ) http://nces.ed.gov/collegenavigator/?q=New+York+Institute+of+Technology&s=NY&zc=11568&zd=0&of=3&id=194091