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Rights & Responsibilities of Borrowers

 

I understand I have the right to.....
 I understand it is my responsibility to.... 
Notification, in writing, if my loan is sold or transferred, showing the name, address, and phone number of the new holder. I must direct all future correspondence to that new holder.
I must repay my loan and all accrued and/or capitalized interest and fees according to the established repayment schedule even if I drop out of school, cannot find a job, or am dissatisfied with the education I receive.
Request from my loan holder a deferment for a defined period of time if I qualify.
Repayment begins six months after you graduate, withdraw, transfer or drop below half-time.
 
Request forbearance from my loan holder if I do not qualify for a deferment and if I am unable to make payments on my loan.
I must notify my school and loan holder(s) if I
    • change my address,
    • change my name,
    • change my phone number,
    • change my Social Security number,
    • withdraw from school
    • drop below half time status,
    • transfer to another school, or
    • change my graduation date.
Prepay all or any part of the loan amount I owe without penalty.
If you have a problem repaying your student loan you must contact your lender for repayment options.
  
Make a minimum monthly payment $50, which can be more depending on the amount I borrow OR less with a graduated or income-sensitive repayment option.
If you do not repay your loan(s), your loan can go into default.
    
Repay my loan over a maximum of 10 years, unless my loans are consolidated or I qualify for the extended repayment option.
Extending the repayment period may increase total debt.
I must attend an exit interview before I leave school.
A copy of my promissory note.