Student Loan Rights and Responsibilities

Borrower's Rights

You have the right to:
  • Written information on your loan obligations and information on your rights and responsibilities as a borrower.
  • A grace period and an explanation of what this means.
  • A disclosure statement before you begin to repay your loan, which includes information about interest rates, fees, the balance you owe, and the number of payments.
  • A deferment of payments for certain defined periods, if you qualify and if you request it.
  • A loan forbearance if you qualify and if you request it.
  • Prepay your loan in whole or in part at any time without an early-repayment penalty.
  • A copy of your promissory note either before or at the time your loan is made.
  • Notify lender if your eligibility for an existing deferment alters.


Borrower's Responsibilities

You are responsible for:
  • Attending exit counseling before you leave school or drop below half-time enrollment.
  • Repaying your loan even if you don't complete your academic program, or are dissatisfied with the education you received, or are unable to find employment after you graduate.
  • Notifying your lender(s) if you:
    • Move/change your address
    • Change your name
    • Change your telephone number
    • Change or correct your Social Security number
    • Withdraw from school, or drop below half-time enrollment
    • Transfer to another school
    • Fail to enroll or re-enroll in school for the period for which the loan was intended
    • Change your expected date of graduation
    • Graduate
  • Making payments on your loan(s) after you leave school, unless you have a deferment or forbearance.
  • Notifying your lender(s) of anything that might alter your eligibility for an existing deferment.
  • Notifying your lender(s) in a timely manner before the due date of any payment you cannot make.
  • Filing deferment forms on time.





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