You have certain rights and responsibilities as a borrower.
- Have a grace period.
- Prepay your loan without penalty.
- Request a copy of your master promissory note.
- Request documentation that your loan is paid in full.
- Choose repayment plan.
- Be informed of your repayment date.
- Be informed of and provide consent of any changes in the terms of your loan.
- Complete exit counseling.
- Repay your loan.
- Notify timely monthly payments.
- Notify your lender of your eligibility of a deferment or cancelation of loan and/or payments
- You use proceeds of loans for education-related purposes.
- Make a payment even if you do not receive a payment statement.