FEDERAL PERKINS LOAN PROGRAM STATEMENT OF RIGHTS AND RESPONSIBILITIES Below are your rights and responsibilities for

the master promissory note you will sign. 1. The school is the holder of my Master Promissory Note and I must, without exception, contact the school if I: o withdraw from school. o change my name. o change my telephone number. o transfer to another school. o change my address. o drop below half-time status. o change my social security number. o change my expected graduation date. o change my driver's license number.

2. An Exit Interview is required when I graduate, withdraw, or drop below half-time status from the school. A half-time student is defined as an enrolled student who is carrying a half-time academic workload, as determined by the institution, which amounts to at least half of the workload of the applicable minimum requirement of a full-time student. I must arrange for an exit interview by calling the school. Failure to comply can result in an administrative hold being placed on my diploma, transcripts, and registration status. 3. The SUNY Student Loan Service Center (hereafter referred to as the SLSC) is the central billing and collection office for the State University of New York state-operated campuses. Once I am no longer in attendance at one of the SUNY campuses - whether by graduation, withdrawal, or a change in status to less than half-time, all correspondence and loan payments are to be directed to the SUNY Student Loan Service Center and not to the campus I attended. Please contact the SLSC at: SUNY Student Loan Service Center 5 University Place Rensselaer, New York 12144-3440 (518) 525-2626 E-mail: slsc@uamail.albany.edu 4. I MUST repay my loan even if I do not complete the program I was enrolled in, I do not complete the program within the regular time for

program completion, I do not graduate, I do not get a job after leaving school, or my education did not meet my expectations. I can prepay my loan(s) at any time without penalty, request a shorter repayment schedule and possibly change repayment plans. 5. My first payment will be due ten (10) months from the time I cease to be enrolled as at least a half-time student. 6. If I re-enroll at least half-time during my grace period and I file for student deferment I get another nine-month grace period the next time I drop below half-time or leave school. If I re-enroll after the grace period, my next grace period will only be six months. 7. My minimum payment will be $40.00 per month, unless the amount I borrowed exceeds $3,750. The maximum length of time for repayment is ten (10) years. 8. The principal amount of my Perkins loan and statement of the total cumulative balance owed can be obtained by logging onto http://slsc.albany.edu and selecting Borrower Account Inquiry. (Account number and PIN for account access will be provided to you upon completion of this promissory note process). 9. The interest rate will be 5% per annum on the unpaid principal balance. Interest will begin to accrue nine (9) months after I cease to be enrolled as at least a half-time student with my first payment due the following month. 10. I may be eligible to receive a partial loan cancellation for certain types of services performed as stipulated in my master promissory note. I am required to inform the SLSC of such status in writing in a timely manner. 11. I may request that payments on my loan be deferred based on provisions stated in my master promissory note. I must request such deferment in writing in a timely manner. 12. If I cannot pay on time, I must contact the SLSC to make arrangements. I will be charged late fees or penalty charges for each month I fail to make a payment when due or comply with other terms of my promissory note or written repayment agreement. 13. If I fail to repay my loan as agreed, the total balance may become due and payable immediately. 14. If my loan goes into default, I will no longer be eligible to receive further financial aid or enroll in any SUNY school. My loan could be sent to an outside collection agency, legal action could be taken against me, my loan could be subject to NYS and/or federal tax offset and my loan may be

assigned to the U.S. Department of Education for collection. I will be responsible for all costs of collections as stipulated in my Promissory Note. If I default, I may lose my benefits for deferment and cancellation. Default is defined as the failure to make an installment when due or to comply with other terms of your promissory note or written repayment agreement. 15. I understand that if I default on my loan, it will be reported to the national credit bureaus and the State University of New York may intercept my New York State tax refund. 16. I will promptly answer any communication from the school or the SLSC regarding my loan. 17. I may prepay the entire loan balance, or any portion thereof, at any time without penalty. 18. I authorize any employer to release to the school or the SLSC any information concerning employment, wages, application information or my current address. 19. I realize that aggregate loan limits are $27,500.00 for an undergraduate and $60,000.00 for a graduate or professional student. The maximum I may borrow in any given year is $5,500.00 for an undergraduate and $8,000.00 for a graduate or professional student. The amount I am eligible to receive is at the discretion of the financial aid director at my campus. 20. I authorize the school to contact any school that I may attend to obtain information concerning my student status, year of study, dates of attendance, graduation or withdrawal, my transfer to another school, or my current address. This authorization is in effect until my loan is paid in full. 21. I understand that I may consolidate my Federal Loans but in doing so, will relinquish my cancellation benefits specific to the Perkins Loan Program. 22. If during my repayment I develop student loan problems that I can not resolve through the SLSC, I may contact the U.S. Department of Educations Ombudsmans Office. They will collect documentation and work to resolve the situation. Their web site is http://www.ombudsman.ed.gov/ and their address and phone number is:

Office of the Ombudsman U.S. Department of Education FSA Ombudsman 830 First Street, NE Fourth Floor Washington, DC 20202-5144

Phone: 1-877-557-2575 Fax: 1-202-275-0549 E-mail: fsaombudsmanoffice@ed.gov

2.

NATIONAL STUDENT LOAN DATA SYSTEM (NSLDS) The NSLDS is the U.S. Department of Educations central database for student aid. NSLDS provides you with a centralized, integrated view of all of your Title IV loans and grants. The NSLDS Student Access Website is available 24 hours a day, 7 days a week.

Internet: Telephone: http://www.nslds.ed.gov (800) 4-FED-AID If you do not agree to the loan terms described above, you must stop now! Contact your school if you have any questions regarding your rights and responsibilities associated with the signing of this master promissory note. By checking this box, I accept the terms outlined in the Rights and Responsibilities presented above.