Student Rights and Responsibilities

I understand that I have the right to the following:

  • 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 for certain defined periods, if I qualify and I request it
  • Forbearance, if I qualify and I request it
  • Prepayment of my loan in whole or in part any time without an early-repayment penalty
  • A copy of my promissory note either before or at the time my loan is disbursed
  • Documentation that my loan(s) are paid in full

I understand I am responsible for:

  • Attending exit counseling before I leave school or drop below half-time enrollment
  • Repaying my loan even if I do not complete my academic program (under certain circumstances), I am dissatisfied with the education I received, or I am unable to find employment after I graduate
  • Notifying my school and the Direct Loan Servicing Center if I:
    • Move/change my address
    • Change my name
    • Withdraw from school or drop below half-time enrollment
    • Transfer to another school
    • Fail to enroll or re-enroll in school for the period for which the loan was intended
    • Change my expected date of graduation
    • Graduate
  • Making monthly payments on my loan(s) after I leave school, unless I have a deferment or a forbearance
  • Notifying the U.S. Department of Education’s Direct Loan Servicing Center of anything that might alter my eligibility for an existing loan