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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.
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