At or before the time of the first disbursement of each loan, you will receive a disclosure statement identifying the amount of the loan and additional terms of the loan.The Borrower's Rights and Responsibilities Statement accompanying this MPN contains important additional information.Note: You are considered to be a first-time borrower on or after July 1, 2013 if you had no outstanding balance on a Direct Loan or a Federal Family Education Loan (FFEL) Program loan on July 1, 2013, or if you have no outstanding balance on a Direct Loan or FFEL program loan on the date you obtain a Direct Loan Program loan after July 1, 2013.LOAN CANCELLATION You may pay back all or part of a loan disbursement within the timeframes set by the Act, as explained in the Borrower's Rights and Responsibilities Statement and in a disclosure statement that you will receive.Your school will notify you of any changes in your eligibility.
The interest rate for Direct Subsidized Loans and Direct Unsubsidized Loans is calculated each year.In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program of study.This is called your "maximum eligibility period." After you have received Direct Subsidized Loans for your maximum eligibility period, you are no longer eligible to receive additional Direct Subsidized Loans, and if you are enrolled in school you may become responsible for paying interest on your Direct Subsidized Loans. I understand that more than one loan may be made to me under this MPN. Capitalization will increase the principal balance on my loan and the total amount of interest I must pay. ED has the authority to verify information reported on this MPN with other federal agencies. I promise to pay to ED all loan amounts disbursed under the terms of this MPN, plus interest and other charges and fees that may become due as provided in this MPN. Ford Federal Direct Loan (Direct Loan) Program, or the Federal Family Education Loan (FFEL) Program, I have made satisfactory repayment arrangements with the loan holder to repay the amount owed. If I have been convicted of, or if I have pled nolo contendere (no contest) or guilty to, a crime involving fraud in obtaining funds under a program authorized under Title IV of the Higher Education Act of 1965, as amended (HEA), I have fully repaid the funds to the U. Department of Education (ED) or to the loan holder in the case of a Title IV federal student loan.