Once you have signed on the dotted line for your student loan, you officially become a student loan borrower. As a borrower you have rights and responsibilities that you should know. These guidelines were thoroughly explained on the Master Promissory Note you signed for your first loan.

I understand I have a RIGHT to:

  • Notification, in writing, if my loan is sold or transferred, showing the name, address, and phone number of the new holder. I must direct all future correspondence to that new holder.
  • Request from my loan holder a deferment for a defined period of time if I qualify.
  • Request forbearance from my loan holder if I do not qualify for a deferment and if I am unable to make payments on my loan.
  • Prepay all or any part of the loan amount I owe without penalty.
  • Make a minimum monthly payment $50, which can be more depending on the amount I borrow OR less with a graduated or income-sensitive repayment option.
  • Repay my loan over a maximum of 10 years, unless my loans are consolidated or I qualify for the extended repayment option. However, extending the repayment period may increase total debt.
  • A copy of my Master Promissory Note.