Your Rights
§ Written information on loan obligations, including consolidation
§ An explanation of loan default and its consequences
§ A copy of your promissory note and a return of the original note when the loan is paid in full
§ Loan balance information and a repayment schedule prior to repayment
§ Notification if your loan is sold, with information on the new holder
§ A federal subsidy, if eligible
§ A grace period, if applicable
§ Prepayment of your loan early without penalty
§ A deferment, if eligible
§ Forbearance, if eligible
Your Responsibilities
§ Repay the loan according to the repayment schedule you have agreed
§ Notify your loan servicer of anything that affects your repayment ability, or which may affect your eligibility for deferment or cancellation
§ Notify your loan servicer of any changes in your status, including graduation, and any changes to your name, address, or phone number
§ Notify your loan servicer if you fail to enrol for the period covered by your loan
§ Notify the School of any change in your address
§ Read these guidelines before you graduate
Student Loans MUST be repaid even if:
§ you do not complete your academic programme
§ you are not able to find a job
§ you don’t like your school or its services.
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