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Education

Student Financial Aid Rights & Responsibilities

Master
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A Student has a Right to Know:

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What financial aid programs are available at Baylor College of Medicine.

The deadlines for submitting applications for each of the available financial aid programs.

How financial aid is awarded, how decisions on awarding are made and the basis for these decisions.

How financial eligibility is determined including how costs for tuition and fees, room and meals, transportation, books and supplies, personal/miscellaneous expenses, etc. are estimated in the budget.

What resources (such as family contribution and other financial aid, assets) are considered in the determination of financial aid eligibility.

How much financial need has been met.

Information about the various components of the financial aid package.

The Institutional Refund Policy for Baylor College of Medicine.

What portion of financial aid must be repaid and what portion is grant aid, (if the financial aid package includes loans, a student has the right to know the full amount of the loan, the interest rate, when repayment is to begin, the yearly and total amounts of debt, repayment procedures, deferment and consolidation availability, length of repayment, consequences of default, and the ability to prepay the loan without penalty at any time.

How BCM determines whether a student is making satisfactory academic progress and the consequences if the student is not making satisfactory academic progress.

When federal loans have been posted to students tuition and fee account by Student Account Services.

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A Student is Responsible for:

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Completing all application forms accurately and submitting them timely to the Office of Student Financial Aid (or the Central Processor for the FAFSA or Renewal Form).

Providing accurate information (misrepresentation of information on a financial aid application is a violation of federal law).

Supplying all additional documentation and/or information as requested by either the Office of Student Financial Aid or the agency to which an application is submitted.

Reading carefully all forms that require a signature and keeping copies of them.

Accepting responsibility for all agreements signed.

Signing promissory notes for student loans, following the repayment schedule, notifying school, loan servicer agency of changes in name, address, social security number, or attendance, completing an entrance counseling before receipt of first loan disbursement and exit counseling before leaving Baylor.

Performing the work that is agreed upon in accepting a federal work-study position.

Knowing the Institutional Refund Policy.

Scheduling an exit interview with Student Account Services when graduating or leaving Baylor College of Medicine for any reason.

Providing any requested forms to defer repayment of student loans.

Notifying the Office of Student Financial Aid when additional financial aid is received from outside sources.

Providing a personal thank you letter to a benefactor, as requested by Institutional Advancement and Executive Administration.

Returning through the school, any federal loan funds within 120 days from the time it was credited to their student tuition account. No interest or loan fee is charged on the part of the loan that is returned before this deadline. An email notice of funds to return must be sent to both finaid@bcm.edu and sas@bcm.edu with whole dollar amount and loan type being canceled or reduce. Payment needs to follow immediately from the email notice to Room T-100 Office of Student Account Services. Please allow at least five business days to process check payments made. The student may return federal funds at any time without penalty directly to the lender after the deadline.