Students have the right to:
- Know what financial assistance is available, including information on all federal, state and institutional financial aid programs.
- Know the deadlines for submitting applications for each of the financial aid programs available.
- Know the cost of attending JTS and the school's refund policy.
- Know the criteria used by JTS to select financial aid recipients.
- Know how JTS determines financial need. This process includes how costs for tuition and fees; allowances for room and board, travel, books and supplies; and miscellaneous expenses, etc., are considered in a budget.
- Know what resources (such as parental contribution, other financial aid, personal assets, etc.) are considered in the calculation of need.
- Know how much financial need, as determined by JTS, has been met.
- Know what portion of the financial aid received must be repaid and what portion is grant aid. If the aid is a loan, students have the right to know what the interest rate is, the total amount that must be repaid, repayment procedures, the length of time to repay the loan and when repayment is to begin.
As a federal student loan recipient a student has the right to:
- Receive a loan check made payable to both student and school and requiring both endorsements.
- Know that if the lender transfers or sells the loan and the right to receive payments, students must be sent notification explaining to whom payments must be made.
- Know that lenders must provide a copy of the completed promissory note.
- Know that for subsidized loans, there is a six-month grace period before repayment begins after leaving school or attending school less than half-time. The exact length of this period is indicated on the promissory note.
- Prepay the loan without penalty. This means that at any time, the loan balance and any interest due may be paid without the student's being charged a penalty by the lender for early payment in full.
- Defer repayment of the loan under certain circumstances. Under deferment, one is not required to make payments on the loan principal. If the loan was federally subsidized, no interest payments will be due during the deferment period. The conditions under which one may qualify for a deferment are listed on the promissory note.
- Know that if one cannot meet the repayment schedule, one may request forbearance from the lender, under which the payments may be reduced for a specified period of time, if it will assist in avoiding default.
- Know that the loan obligation will be canceled in the event of death or permanent and total disability. This loan cannot be canceled or forgiven for duty in the military service or for any teaching service.
- Know that in borrowing money under any student loan program, one assumes the responsibility for repaying the loan. If circumstances arise which make it difficult to meet this responsibility, contact the lender.