Student Rights and Responsibilities
Student loan borrowers have rights to the following:
- Written information on my loan obligations and information on my rights and responsibilities as a borrower
- A grace period and an explanation of what this means
- A disclosure statement, received before he/she begins repayment. This will include information about his/her interest rate, fees, the balance owed, the amount of payments, and the number of payments.
- Deferment of repayment for certain defined periods (if requested and if you qualify).
- Forbearance (if requested and if you qualifies).
- Prepayment of your loan in whole or in part any time without an early-repayment penalty.
- A copy of your promissory note.
- Documentation that your loans are paid in full.
Student loan borrowers have the following responsibilities:
- To complete an Entrance Interview before receiving your first loan disbursement.
- To complete Exit Counseling before leaving school or dropping below half-time enrollment.
- To repay your loan even if you do not complete your academic program, is dissatisfied with the education received, or unable to find employment after graduation
- To notify the school and the lender/servicer if you:
- Change your name
- Move/change your address
- Phone number changes
- Withdraw from school or drop below half-time enrollment
- Transfer to another school
- Fail to enroll in school for the period for which the loan was intended
- Expected graduation date changes
- To make monthly payments on your loan after leaving school (except during periods of deferment or forbearance).
- To notify the lender/servicer of anything that may alter your eligibility for an existing deferment monthly payments