As a federal education loan borrower, you have certain rights and responsibilities that you should be aware of. The information below tells you what you need to know.

You have a right to

• Written information on your loan obligations and your rights and responsibilities as a borrower
• A grace period and explanation of what this means
• A disclosure statement received before you begin repaying the loan(s), which includes: interest rates, fees, balance information, payment amount, and the number of payments
• Deferment of repayment for certain defined periods, if qualified and requested
• Prepayment of your loan(s) in whole or in part at any time without penalty
• A copy of the promissory note either before or at the time the loan is disbursed
• Documentation that your loan(s) is paid in full

You are responsible for

• Attending entrance counseling prior to the first disbursement of your loan
• Attending exit counseling prior to leaving school or dropping below half-time
• Repaying your loan(s) even if you do not complete school, or you are dissatisfied with the education received or you are unable to find employment upon graduation
• Notifying your institution and your lender if you:
  • Move or change your address
  • Change your name
  • Withdraw from school or drop below half-time
  • Transfer to another institution
  • Fail to enroll or reenroll in school for the period for which the loan was intended
  • Graduate
  • Change your expected date of graduation
• Making monthly payments on your loan(s) after you leave school, unless you have a deferment or forbearance
• Notifying your lender of any other changes that may affect your loan status