Rights and Responsibilities (click for printer-friendly version)

STATEMENT OF RIGHTS AND RESPONSIBILITIES –

I understand that I have received a loan that must be repaid in accordance with the repayment schedule/disclosure statement.

  • I understand that my loan has been reported to a national credit bureau at the time of the disbursement of the loan.
  • I understand that I must inform Kansas City Art Institute, 4415 Warwick Blvd., Kansas City, MO  64111 or call (816)802-3416
    • If I withdraw from school.                     d.   If my name or address changes.
    • If I transfer to another school.                e.   If I enter military service on active duty.
    • If I drop below half-time status.              f.    If I enter VISTA, Peace Corps, or similar organizations.
  • My first payment is due on X, in the amount of $ X , including interest.  The full amount of my loan is $ X.
  • I understand that the ANNUAL PERCENTAGE RATE of 5% will be the FINANCE CHARGE based on the unpaid balance, and that it will begin to accrue 9 MONTHS after I cease to be enrolled as at least a half-time student.
  • I understand that cancellation may be granted for certain types of service, or in the event of my death and/or permanent disability.  I will refer to the provisions in my promissory note to determine if I am eligible for these cancellation benefits.
  • I understand that I may request deferment of principal on my loan payments;
    • If I enroll for at least half-time study at an institution of higher education (interest deferred also).
    • If I apply for forbearance.
    • If I am currently in service leading to cancellation (interest deferred also).
    • If I am experiencing a period of economic hardship due to prolonged illness or unemployment.
  • I understand that if my loan was granted on or after 10/1/1980, I will be entitled to an additional six-month period of grace after the completion of each deferment period for study, service, or disability.
  • I understand that if I fail to repay my loan as agreed, the total loan may become due and payable immediately, and legal action could be taken against me.
  • I understand that, as provided for in the promissory note, the lending institution will, in the event of my failure to make any scheduled payment, assess a penalty or late charge, and in the event of my default, require me to pay all collection costs and fees.
  • I understand that I must promptly answer any communication from Kansas City Art Institute or ACS Inc. regarding the loan.
  • I understand that I may prepay at any time.  I further understand that future interest will be reduced by making such payments.
  • I understand that if I cannot make payment on time, I must contact Kansas City Art Institute to make arrangements.
  • I authorize Kansas City Art Institute to contact any school which I may attend, to obtain information concerning my student status, my years of study, my dates of attendance, graduation or withdrawal, my transfer to another school, or my current address.
  • I understand that Kansas City Art Institute is the owner of this loan, and unless otherwise notified, all credit verifications, mortgage verifications and bankruptcy notices must be sent to KCAI.

I ATTEST THAT I HAVE READ AND UNDERSTAND MY RIGHTS AND OBLIGATIONS, AND THAT I WILL ADHERE TO THEM.