Financial Aid Recipient
Rights and Responsibilities
You
have the right:
- To know your financial aid award is based on calculated
financial need. As defined by the U.S. Department of
Education, financial need is the difference between
Anoka-Ramsey's cost of attendance (COA) and your ability
to contribute towards your education (EFC).
- To receive your financial aid award as long as you
are eligible and meet your responsibilities.
- To be informed of details of each aid program that
you are offered.
- To be informed of the terms of any loan program that
you are offered.
- To be informed of the terms of any work program that
you are offered.
- To accept, reject or seek adjustments to your financial
aid award without prejudice.
- To know how much financial aid you will receive each
term and when financial aid payments will be disbursed.
- To privacy of information regarding your financial
aid files. Information from your file will not be released
to anyone without your permission.
- To seek financial aid counseling.
You have the responsibility:
- To complete an application for financial assistance
annually to demonstrate continued need.
- To provide accurate and factual information on all
financial aid forms. You must notify the Financial Aid
Office of any change in information submitted including
your withdrawal from school, your reduction in number
of credits, your change in address, name or marital
status and your change of financial information provided
on application form.
- To accept responsibility for all agreements that
you sign.
- To read and understand all financial aid forms and
keep copies of them.
- To repay all loans according to the terms outlined
in your truth-in-lending and promissory note forms.
- To use your financial aid award for educational purposes
and to carefully manage the funds that you receive.
- To refund a portion or all of your financial aid
upon full withdrawal from school.
- To submit forms by the deadlines and to keep your
financial aid appointments.
- To work during the summer to supplement your financial
aid awards and meet total educational costs.
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Return of Title IV Funds Policy
Federal Student Aid funds are awarded to a student based on
the assumption that the student will attend school for
the entire period for which assistance is awarded.
A student who stops attending class(es) must immediately
withdraw from class(es), and is responsible for understanding the impact
of such action on his/her student account.
Financial aid recipients who totally withdraw or stop attending classes prior to the 60% point
of the term are subject to the federal Return of Title IV calculation for federal aid and the Minnesota Office of Higher Education refund calculation for MN State Grant, Child Care Grant and SELF Loan. The amount of unused aid to be returned is calculated by dividing the number of remaining business days by the total number of business days in the semester. Breaks of more than four consecutive business days are excluded. Examples of both calucations are available in the Financial Aid Office at the student's request.
The responsibility to repay the unearned financial aid is shared by the institution and the student. The institution's share is allocated among the Title IV programs before the student's share, in the following order: Federal Unsubsidized Stafford Loan, Federal Subsidized
Stafford Loan, Federal Perkins Loan, Federal PLUS Loan, Federal
Pell Grant, Academic Competitiveness Grant and Federal
SEOG. The student share of remaining unearned aid is collected from the student
and allocated in the
same order indicated above.
Return of financial aid calculations are performed no later than 30 days after determining
the student withdrew or stopped attending classes.
Students return their share of unearned aid attributable
to a loan under the terms and conditions of the promissory
note. Grant repayment is made to the college under the
repayment guidelines identified in a notice sent to students
after the recalculation is complete.
- The Financial Aid Office tracks attendance/last
date of activity on financial aid recipients.
If it is determined a student received financial
aid for a course he/she did not attend, his/her financial
aid will be recalculated at the lower enrollment status.
- Students may also be eligible for a partial
tuition and fees refund. See
ARCC's refund policy.
Verification
Approximately thirty percent of financial aid applications are selected to be verified. If your application is selected to be verified, we are required by law to confirm the household size, number in college, adjusted gross income, U.S. taxes paid and certain types of untaxed income and benefits listed on your application. You will need to complete a Verification Worksheet and provide signed copies of federal income tax forms. You may also be required to document untaxed income. If there are errors, we will update your application, recalculate your aid eligibility and send a current award letter to you.
Other Financial Aid Policies
- Students can receive federal financial aid for developmental
work (below 1000 level) up to a maximum of 30 credits (all MnSCU developmental credits are included in the 30 credit maximum)..
- Students must declare an eligible major and degree intent at ARCC to receive
financial aid.
- Students may receive financial aid from no more than one college during each term or period of enrollment.
- Pell Grant awards are determined by registered credits as of the 5th business day of the semester. Your Pell Grant may not adjust up, but may adjust down for late (after the 5th day) add/drop registration activity.
- Annual loan limits are prorated for borrowers who are completing their degree program or certificate in an enrollment period that is shorter than an academic year.
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