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Your Rights and Responsibilities as a Borrower

I have the right to:

  • written information on my loan obligations and information on my rights and responsibilities as a borrower;
  • a copy of my MPN either before or at the time my loan is disbursed;
  • a grace period and an explanation of what this means;
  • notification, if the Department of Education transfers your loan to another servicer without your consent;
  • a disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and a loan repayment schedule;
  • prepay my loan in whole or in part anytime without an early-repayment penalty;
    and
  • documentation when my loan is paid in full

I am responsible for:

  • completing exit counseling at StudentLoans.gov before I leave school or drop below half-time enrollment;
  • repaying my loan according to my repayment schedule 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 my lender or servicer if I:
      • move or change my address,
      • change my telephone number,
      • change my name,
      • change my Social Security number, or
      • change employers or my employer’s address or telephone number changes;
  • making monthly payments on my loan after my grace period ends, unless I have a deferment or forbearance; and
  • notifying my lender or loan servicer of anything that might alter my eligibility for an existing deferment or forbearance
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