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.
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).