Throughout the Federal Student Aid process, Direct Loan applicants/recipients have several responsibilities. Before Direct Loan funds are released, it is a student's responsibility to:
Complete the Estimated Financial Assistance (EFA) information that is found on the US Federal Student Aid Appliant Checklist and Declaration Form. The information on this form is considered when determining the level of eligibility for Direct Loan funding. The completed form must be submitted to the Student Awards and Financial Aid office before your Direct Loan funding can assessed. Note: Failure to disclose additional financial assistance may adversely affect funding eligibility and may necessitate a return of funds.
When you have been approved for Direct Loan funding, you will receive correspondence from Student Awards and Financial Aid with the details of the loan(s) that has/have been originated. If you accept the Direct Loans as assessed , you are asked to confirm this in writing (a return email is appropriate). If you wish to accept less than the determined loan amount(s) you must advise the Student Awards and Financial Aid Office. Again, a return email is appropriate.
If you have applied for a Parent PLUS Loan, you must arrange for the Parent Borrower to review and sign the Parent PLUS Loan Fund Release Form. Federal regulations specify that the University of Windsor requires the Parent Borrower's authorization to issue a refund directly to you (the dependent) should a credit balance result after tuition and fees are paid.
The student or parent must inform the institution if he or she wishes to cancel all or a portion of a loan. If the institution, prior to crediting the student’s account, obtains from the student a written confirmation of the type and amount of Direct Loans that the student wants to receive for the award year, the institution is required to return the loan proceeds, cancel the loan, or do both, only if it receives the cancellation request by the later of the first day of the payment period or 14 days after it notified the student or parent of the right to cancel all or a portion of the loan. If the institution did not obtain such a written confirmation prior to crediting the student’s account, the institution is required to return the loan proceeds, cancel the loan, or do both, only if it receives the cancellation request within 30 days of the date the institution notified the student or parent of the right to cancel all or a portion of the loan. If an institution receives a student’s or parent’s request for cancellation after the periods specified, the institution is not required to honour the cancellation request.
As a Direct Loan recipient you are required to complete exit counselling before you withdraw, graduate, or drop below half-time attendance (even if you plan to transfer to another school). Completion of exit counselling is a requirement of borrowing under the Direct Loan Program and the FFEL Program. Exit counselling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans. Exit counselling is to be completed online. If you are unable to complete exit counselling online, please provide the Student Awards and Financial Aid Office with your current address and a print copy will be mailed to you.