Undergraduate or graduate student in good academic standing.
The maximum yearly loan amount is equal to the current cost of tuition for the academic year in which the student is applying for the loan. In addition, up to 10% of that amount may also be provided to the student for incidentals such as textbooks. Loans are renewable annually upon application for up to a total of 4 years for an undergraduate and 2 years for a graduate student.
Repayment of the loan begins 6 months after graduation in coordination with the Dr. M. A. Modjtahedi Foundation. No interest will be owed on the principal if repayment of the loan begins as agreed upon. Should payment not begin, interest with the rate of 10% will accrue on the overdue portion.
Parents Or Guardians Information
Loan Statement of Rights and Responsibilities. Your loan is a serious legal obligation. Therefore, it is extremely important that you understand and agree to honor your rights and responsibilities.
- I understand that I must, without exception, report any of the following changes to the foundation: Name (for example, because of marriage), Social security number, address and/or phone number or my parents, address and/or phone number. This includes home, local, or cell phone numbers, Email address, withdrawal from university, projected date of graduation.
- I understand that my first month payment will be due 6 months from the time I cease to be at least a half-time student.
- I understand that if I return to school and enroll as at least half-time student, I may request that payments on my loan be deferred. I further understand that if I attend an institution other than University, the loan will not be eligible for deferment and I will be obligated to begin repayment.
- I understand that if I default on my loan (fail to repay as agreed or to comply with other terms of the Promissory Note), the total loan may become due and payable immediately and legal action can be taken against me, and my Parents/Guardian.
- I further understand that Dr. M. A. Modjtahedi Foundation will disclose my delinquent status and any other relevant information to credit bureaus, and this will remain on my record for seven years.
- I authorize Dr. M. A. Modjtahedi Foundation to contact the school that I may attend to obtain information concerning my student status my year of study.
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