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Financial Aid Student Rights & Responsibilities

Unless you decline the financial aid offered by NOVA, you certify that you:

  • will use all financial aid only for costs pertaining to higher education attendance,
  • are not in default on a federal student loan or you have made satisfactory arrangements to repay a defaulted loan,
  • do not owe money back on a federal student grant or you have made satisfactory arrangements to repay any such overpayment,
  • will not receive a Federal Pell Grant from more than one college for the same or overlapping terms of attendance,
  • have not borrowed in excess of annual or lifetime loan limits under Title IV programs at any institution,
  • will not request/receive loans from another school for the same or an overlapping loan period,
  • agree to pay your tuition, fees and bookstore charges in full upon notice from the College if you lose eligibility for the aid awarded or fail to meet the conditions for receiving the awards,
  • authorize that the financial aid funds that you have accepted may be used to pay for other institutional charges in addition to tuition, fees and approved bookstore charges,
  • understand that if you lose eligibility for financial aid due to changes in enrollment or other factors you will be held responsible for any charges not paid by financial aid,
  • will inform the Financial Aid Office of any changes regarding your enrollment and residency,
  • understand that financial aid is not allowed to cover audited courses and if you change your course status to audit you will be asked to repay any portion of financial aid you are no longer eligible to receive,
  • understand that financial aid can be considered only for courses that apply to your program of study at NOVA; aid will be adjusted accordingly, and you will be responsible for covering costs if you enroll in courses outside your NOVA program of study,
  • understand that your aid may be adjusted if your total need-based aid exceeds your demonstrated financial need or total aid exceeds your cost of attendance,
  • understand that your grant(s) will not be recalculated for enrollment increases that occur after the 16-week census date, the last day to drop/add a course without grade penalty for the 16-week fall or spring session, nor for enrollment increases after the 12-week census date for summer. This includes adding later-starting classes for fall, spring or for summer.
  • understand that dropped classes and classes never attended or not attended beyond the class census date will not count toward your financial aid status and aid may have to be adjusted.

As a student, you have the right to:

  • know what federal, state and institutional financial assistance is available,
  • know the financial aid procedure and how aid is awarded,
  • know how and when financial aid is paid,
  • know the cost of attendance at NOVA,
  • know and comply with the Return of Title IV Aid Policy for withdrawal,
  • know what portion of financial aid is grant (gift) aid,
  • know what portion of financial aid is a loan and the terms of the loan at the time it is made. This includes interest rate, grace period and terms of payback, including a sample repayment schedule,
  • know how much need has been met by your award,
  • know the criteria for continued aid eligibility.
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