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You have the right to:

  • Written information on your loan obligations and information on your rights and responsibilities as a borrower;
  • a copy of your MPN either before or at the time your loan is disbursed;
  • a grace period and an explanation of what this means;
  • notification, if the US Department of Education transfers your loan to another servicer without your consent;
  • a disclosure statement, received before you begin to repay your loan, that includes information about interest rates, fees, the balance you owe, and a loan repayment schedule;
  • deferment or forbearance of repayment for certain defined periods, if you qualify and if you request it;
  • prepay your loan in whole or in part anytime without an early-repayment penalty; and
  • documentation when your loan is paid in full.


You are responsible for:

  • Completing exit counselling before you leave school or drop below half-time enrolment;
  • Repaying your loan according to your repayment schedule even if you do not complete your academic program, or are dissatisfied with the education you received, or are unable to find employment after you graduate;
  • Notifying your lender or loan servicer if you  
    • Move or change your address
    • Change your telephone number
    • Change your name
    • Change your Social Security number or
    • Change employers, or your employer’s address or telephone number changes
  • Making monthly payments on your loan after your grace period ends, unless you have a deferment or forbearance; and
  • Notifying your lender or loan servicer of anything that might alter you eligibility for an existing deferment or forbearance.