Borrower Rights

As a borrower, you have the right to:

	Repay the loan at any time without penalty
	Be notified in writing if your loans are sold or transferred for servicing
	A grace period before beginning repayment
	Defer repayment for a specific period of time if you qualify
	Receive a copy of your disclosure statement and repayment schedule
	Have your federal loan obligation forgiven if you die or become permanently disabled
	Be provided contact information for FSA's Student Loan Ombudsman's Office

Before your repayment begins the lender must tell you:

	About the option to repay your loan at any time without penalty
	Where to send payments
	Where to write if you have questions about your loan
	Your interest rate and total debt (principal and interest)
	When your payments are due and how much they will be
	About refinancing, consolidation, and repayment options

Borrower Responsibilities

As a borrower, you must:

	Repay your loan according to the terms of your loan agreement
	Complete an entrance counseling interview for Perkins and Stafford loans before you receive your first loan and an exit interview before you leave school

You must notify your lender(s) if you:

	Graduate, withdraw from school, or drop below half-time status
	Transfer to another school
	Fail to enroll in the school during the period for which the loan was intended
	Change your name, address, social security number, or employer
	Have any other status change that would affect your loan (for example, if you had a deferment because of unemployment and then got a job)