The student loan program (William D. Ford Federal Direct Loan Program) is designed to assist students who wish to borrow money to help pay for their education. The loans must be repaid. The three types of loans are: · Federal Direct Stafford/Ford Loans (A/K/A: Direct Subsidized Loan). Eligibility for this loan is based on financial need. · Federal Direct Unsubsidized Stafford/Ford Loans. This loan is available regardless of financial need. · Federal Direct PLUS Loans. This loan is available for parents without adverse credit histories who want to borrow for their dependent students. Manhattan School of Computer Technology processes the student loans directly with the federal government. Several factors determine the maximum loan amount a student may borrow. Detailed information on the loan amounts is provided in the Direct Loans booklet that is available in the Financial Aid Office. You may also obtain information from the Direct Loan Servicing Center at 1-888-447-4460 or through the Web site at www.ed.gov/offices/OSFAP/DirectLoan/. A student who receives a Direct Loan has certain rights and responsibilities that must be followed. As a student loan borrower, the student has a right to the following: ü Written information on the loan obligation and information on the rights and responsibilities as a borrower, ü A grace period and an explanation of what this means, ü A disclosure statement received before the loan repayment begins, including information about interest rates, fees, the balance owed, and the number of payments, ü Deferment of repayment for certain defined periods, if qualify and if requested, ü Forbearance, if qualify and if requested, ü Prepayment of the loan in whole or in part any time without an early repayment penalty, ü A copy of the promissory note either before or at the time the loan is disbursed, ü Documentation that the loan(s) are paid in full, and is responsible for: ü Attending an exit counseling session before leaving Manhattan School of Computer Technology or dropping below half time enrollment, ü Repaying the loan even if the academic program (under certain circumstances) is not completed, there is dissatisfaction with the education received, or cannot find employment after graduation, ü Notifying Manhattan School of Computer Technology and the Direct Loan Servicing Center for the following reasons: · move/change of address · change of name · withdraw or drop below half-time enrollment · transfer to another school · fail to enroll for the period for which the loan was intended · change of the expected date of graduation ü Making monthly payments on the loan(s) after leaving school, unless there is a deferment or a forbearance, ü Notifying the U. S. Department of Education’s Direct Loan Servicing Center of anything that might alter eligibility for an existing deferment.
|
