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Rights and Responsibilities

Rights & Responsibilities

When you sign your student loan promissory note, you acknowledge the following rights and responsibilities:

Rights

• You are entitled to a copy of your Repayment Schedule and Disclosure Statement.
• You have the right to be notified in writing if your loans are sold or transferred for servicing.
• You are entitled to a repayment period of at least five years.
• You have the right to prepay any part of your loan at any time without penalty.
• If you qualify, you have the right to defer your loan payments.
• You are entitled to have questions about your student loan answered by your loan holder, guarantor, or the U.S. Department of Education.
• You may qualify to have your loan canceled as a result of total and permanent disability or death.
• You may request a graduated, income-sensitive (FFEL,) or Income Contingent (FDLP) repayment schedule.
• You may qualify for an extended repayment plan, depending on the loan program under which you borrowed and the amount you owe on your loans when you enter repayment.
• You are entitled to receive the original promissory note when your loan is paid in full.

Responsibilities

• You must notify your loan holder if you change your name, address, email address or enrollment status (i.e., you withdraw, graduate, drop to less than half-time enrollment, or transfer schools).
• You are responsible for knowing the terms of your student loans. You should keep copies of all student loan documents in a safe place.
• You must repay your loans(s) whether or not you complete your studies, are satisfied with the education you receive, or are able to find employment.
• You must make your loan payments on time.
• You must begin making payments at the end of your grace period whether you have received a repayment schedule or not. If your first payment due date is nearing and you have not received a repayment schedule, you must immediately contact your loan holder.
• If you are unable to meet a scheduled payment, you must contact your loan holder as soon as possible. The loan holder may be able to help if you seek assistance before you are late making a payment.
• When you graduate, withdraw, or drop to less than half-time enrollment, you must give your school your expected permanent address, the name and address of your expected employer, and the address of your closest relative. Your school will forward this information to your guarantor and loan holder.