Disclosure StatementWilliam D. Ford Federal Direct Loan ProgramU.S. Department of Education

P.O. Box 9003Niagara Falls, NY14302-9003

Direct Subsidized LoanDirect Unsubsidized Loan

Borrower Information1. Name and Address 2.Date of Disclosure Statement

03/07/2014

3.Area Code/Telephone Number

Brown, Vincent C2594 Ga Hwy 32e Lot2

Douglas, GA 31533

00000009125378972

School Information4. School Name and Address 5. School Code/Branch

Valdosta State University1500 North Patterson Street

Valdosta, GA 316980001

G01599

Loan Information6. Loan Identification Number(s) 7. Loan Period(s) 8. Loan Fee %

XXXXX3422S14G01599001 01/13/2014 – 07/31/2014 1.072

XXXXX3422U14G01599001 01/13/2014 – 07/31/2014 1.072

9. Information about the loan(s) that your school plans to disburse (pay out) follows. This information is explained in detail on the back.The actual disbursement dates and amounts may be different than the dates and amounts shown below. The school and your servicerwill notify you of the actual disbursement dates and amounts.

Gross Loan Amount – Loan Fee Amount + Interest Rebate Amount = Net Loan AmountDirectSubsidizedLoan

$3500.0 – $36.0 + $0.0 = $3464.0

Your school plans to disburse the Net Loan Amount as follows:

Date Net Disbursement Amount Date Net Disbursement Amount

06/17/201401/22/2014

$ 1732.0$ 1732.0

Gross Loan Amount – Loan Fee Amount + Interest Rebate Amount = Net Loan AmountDirectUnsubsidizedLoan

$6000.0 – $64.0 + $0.0 = $5936.0

Your school plans to disburse the Net Loan Amount as follows:

Date Net Disbursement Amount Date Net Disbursement Amount

06/17/201401/22/2014

$ 2968.0$ 2968.0

If there are further disbursements to be made on the loan(s) the school will inform you.

Disclosure Statement (continued)

This Disclosure Statement provides information about the Direct Subsidized Loan and/or Direct Unsubsidized Loan thatyour school plans to disburse (pay out) by crediting your account at the school, paying you directly, or both. It replaces anyDisclosure Statements that you may have received previously for the same loan(s). Keep this Disclosure statement for yourrecords.

Before any money is disbursed, you must have a signed Direct Subsidized Loan/Direct Unsubsidized Loan MasterPromissory Note (MPN) on file. The MPN, the Borrower's Rights and Responsibilities statement, and the Plain LanguageDisclosure explain the terms of your loan(s). If you have any questions about your MPN or this Disclosure Statement,contact your school.

Item 9 on the front of this Disclosure Statement provides the following information about the amount of each loan that yourschool plans to disburse to you:

• Gross Loan Amount - This is the total amount of the loan that you are borrowing. You will be responsible forrepaying this amount.

• Loan Fee Amount - This is the amount of the fee that we charge on your loan. It is based on a percentage of yourGross Loan Amount. The percentage is shown in item 8. The Loan Fee Amount will be subtracted from your GrossLoan Amount.

• Interest Rebate Amount - This is the amount of an up-front interest rebate that you may receive as part of a programto encourage the timely repayment of Direct Loans. If you receive a rebate, the Interest Rebate Amount will be addedback after the Loan Fee Amount is subtracted.

To keep an up-front interest rebate that you receive on your loan, you must make all of your first 12 required monthlypayments on time (we must receive each payment no later than 6 days after the due date) when your loan entersrepayment. You will lose the rebate if you do not make all of your first 12 required monthly payments on time. Thiswill increase the amount that you must repay.

• Net Loan Amount - This is the amount of your loan money that remains after the Loan Fee Amount is subtracted andthe Interest Rebate Amount is added. The school will disburse the Net Loan Amount to you by crediting your accountat the school, paying you directly, or both.

Item 9 shows the school's plan for disbursing your Net Loan Amount to you. The actual disbursement dates andamounts may be different than the dates and amounts that are shown. The school and your servicer will notify you ofthe actual disbursement dates and amounts.

Before your loan money is disbursed, you may cancel all or part of your loan(s) at any time by notifying the school.

After your loan money is disbursed, there are two ways to cancel all or part of your loan(s):

• If the school obtains your written confirmation of the types and amounts of Title IV loans that you want to receivefor an award year before crediting loan money to your account at the school, you may tell the school that you want tocancel all or part of the loan within 14 days after the date the school notifies you of your right to cancel all or part ofthe loan, or by the first day of the school's payment period, whichever is later (the school can tell you the first day ofthe payment period). If the school does not obtain your written confirmation of the types and amounts of loans youwant to receive before crediting the loan money to your account, you may cancel all or part of the loan by informingthe school within 30 days of the date the school notifies you of your right to cancel all or part of the loan. In eithercase, the school will return the cancelled loan amount to us.

If you ask the school to cancel all or part of your loan(s) outside the timeframes described above, the school mayprocess your cancellation request, but it is not required to do so.

• Within 120 days of the date the school disburses your loan money (by crediting the loan money to your account at theschool, by paying it directly to you, or both), you may return all or part of your loan(s) to us. Contact your servicer forguidance on how and where to return your loan money.

You do not have to pay interest or the loan fee on the part of your loan that is cancelled or returned within the timeframesdescribed above, and if you received an up-front interest rebate, the rebate does not apply. Your loan will be adjusted toeliminate any interest, loan fee, and rebate amount that applies to the amount of the loan that is cancelled or returned.

If you have questions regarding the next steps in the processing of your loan, contact your school.

After the first disbursement of your loan has been made, your loan will be assigned to a loan servicer and you will beprovided with the servicer's name, address and contact information. Your servicer will service, answer questions about, andprocess payments on your loan after you enter repayment.

DISSU7

06/2012

Addendum to the Direct Subsidized Loan/Direct Unsubsidized Loan Master Promissory NoteWilliam D. Ford Federal Direct Loan Program

The Consolidated Appropriations Act, 2012 (Public Law 112-74), signed into law on December 23, 2011,changed one of the terms of Federal Direct Stafford/Ford Loans (Direct Subsidized Loans). Specifically,the new law temporarily eliminated the interest subsidy provided on Direct Subsidized Loans during thesix month grace period provided to students when they are no longer enrolled on at least a half-time basis.This change is effective for new Direct Subsidized Loans for which the first disbursement is made on orafter July 1, 2012, and before July 1, 2014.

As a result of this law, the terms of Direct Subsidized Loans that you receive under a Direct SubsidizedLoan/Direct Unsubsidized Loan Master Promissory Note (MPN) may differ from the terms described inthe MPN and the Borrower's Rights and Responsibilities Statement. This Addendum modifies the MPNto reflect the change to the terms of Direct Subsidized Loans made by Public Law 112-74. The changesmade by this Addendum are incorporated into and made part of the MPN and the Borrower's Rights andResponsibilities Statement. You should keep a copy of this Addendum with your MPN and Borrower'sRights and Responsibilities Statement.

1. MPN, Section E: MPN Terms and Conditions, Interest. The first sentence of the secondparagraph under the heading "Interest" is revised to read as follows:

"Except as provided in the Note below, interest does not accrue on a Direct Subsidized Loanduring an in-school, grace, or deferment period, and during certain periods of repayment underthe Income-Based Repayment Plan."

The following Note is added immediately after the paragraph that begins "If I do not pay theinterest...":

"Note: Interest accrues during the grace period on any Direct Subsidized Loan for which the firstdisbursement is made on or after July 1, 2012, and before July 1, 2014."

2. MPN, Section E, Grace Period. The last sentence of the paragraph under the heading "GracePeriod" is revised to read as follows:

"However, interest will accrue during the grace period on all of my Direct Unsubsidized Loans,and on my Direct Subsidized Loans for which the first disbursement is made on or after July 1,2012, and before July 1, 2014. Interest that accrues during the grace period on these loans will becapitalized if I do not repay it."

3. Borrower's Rights and Responsibilities Statement, Item 9, Payment of Interest. The firstsentence of the first paragraph is revised to read as follows:

"Except as provided in the Note below, interest does not accrue on a Direct Subsidized Loanwhile you are enrolled in school at least half time, during your grace period, during defermentperiods, and during certain periods of repayment under the Income-Based Repayment Plan."

The following Note is added at the end of Item 9:

"Note: Interest accrues during the grace period on any Direct Subsidized Loan for which the firstdisbursement is made on or after July 1, 2012, and before July 1, 2014."