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When you accept a loan, you accept legal and financial responsibilities that last until the loan is repaid. Here is a checklist of your responsibilities in the loan process, as well as your rights as a borrower.

Your Agreement | Your Rights | Consequences

When you accept a student loan, you are agreeing to:

  • Repay your loan(s), including accrued interest and fees, whether or not you complete your education, obtain employment, or are satisfied with your education.
  • Attend exit counseling before you leave school or drop below half-time enrollment.
  • Notify your lender or current holder of your loan within 10 days if you change your name, address or phone number; drop below half-time status, withdraw from school or transfer; or change your graduation date.
  • Direct all correspondence to the current holder of your loan, which could change during the life of the loan.
  • Make monthly payments on your loan after leaving school, unless you are granted a deferment or forbearance.
  • Notify your lender or the current holder of your loan of anything that might change your eligibility for an existing deferment.

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You also have inherent rights as a student borrower. You have the right to:

  • Receive a copy of your promissory note either before or at the time the loan is made.
  • Receive a disclosure statement before the repayment term on your loan begins, including information about interest rates, fees, balance and the size and number of payments.
  • A grace period after you leave school or drop below half-time enrollment and before your loan payments begin.
  • Prepay all or part of your loans without a prepayment penalty.
  • Written notification if your loan is sold to a new holder.
  • Apply for deferment of your loan payments for certain specified periods, as long as you are eligible.
  • Request forbearance from the holder of your loan if you are unable to make payments and do not qualify for deferment. You must qualify according to the loan holder’s requirements.
  • Receive a proof of discharge when your loan is paid in full.

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If you fail to repay your student loan, you will be considered to be in default and the following may result:

  • Loss of deferment and forbearance options.
  • Loss of professional license.
  • Loss of further federal or state student financial aid (grants or loans).
  • A negative credit notation to national credit reporting bureaus.
  • Possible seizure of federal/state income tax refunds and lottery winnings.
  • Possible wage garnishment.
  • Loss of eligibility for certain state or federal jobs.
  • Collection charges may be assessed.
  • The entire unpaid balance of loan(s) including accrued interest immediately become due and payable in full.

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