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Student Loan Borrower Rights & Responsibilities

Your Rights

  • 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 I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and the number of payments
  • Deferment of repayment or forbearance for certain defined periods, if I qualify and I request a deferment or forbearance
  • Prepayment of my loan in whole or in part anytime without an early-repayment penalty
  • A copy of my MPN either before or at the time my loan is disbursed
  • Documentation that my loan is paid in full

Your Responsibilities

  • Completing Exit Counseling before I leave school or drop below half-time enrollment
  • Repaying my loan even if I do not complete my academic program, I am dissatisfied with the education I received, or I am unable to find employment after I graduate
  • Notifying the Loan Servicing Center if I:
    • Move/change my address
    • Change my telephone number
    • Change my name
    • Change employers or employer’s address or telephone number changes
  • Making monthly payments on my loan after my grace period ends, unless I have a deferment or a forbearance
  • Notifying your Loan Servicer of anything that might alter my eligibility for an existing deferment or forbearance
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