Rights and Responsibilities

Your Rights

  • Receive a copy of your Master Promissory Note
  • Receive a repayment schedule
  • Have a six-month grace period before repayment begins
  • Prepay your loan at any time without penalty
  • Apply for a deferment or forbearance if you can’t make payments
  • Receive notice when your loan has been paid in full.

Your Responsibilities

  • Repay your loan even if you don’t complete your education
  • Make loan payments even if you don’t receive a bill
  • Carefully review the terms and conditions of your loan
  • Keep copies of all your loan documents
  • Complete entrance counseling before you receive loan funds and complete exit counseling before you begin repayment
  • Contact your loan servicer when you can’t make a monthly payment, change your name, address or phone number, transfer between schools or change your anticipated graduation date.