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:: Student Loan Borrower Rights and Responsibilities ::

When you sign the Master Promissory Note (MPN) for your federal student loan, you're certifying that you've read and agree to the terms of the MPN including the borrower's rights and responsibilities statement. Below are highlights of information included on the MPN statement.

Download the complete ‘Borrower's Rights and Responsibilities Statement’ - PDF

Borrower Rights

You have the right to:

• Cancel all or part of your loan:
  • Before it is disbursed.
  • Within the time frames specified by your school in the notice of your right to cancel.
  • By returning all or part of the loan funds to your Direct Loan servicer within 120 days of disbursement.
• Written information about your loans and a copy of your Master Promissory Note (MPN), which includes a full list of your rights and responsibilities.
• Prepay your loan in whole or in part at any time without penalty.
• A grace period prior to starting your repayment.
• Receive a disclosure statement before you begin repayment that outlines information about your loan interest rate(s), fees, balance(s) and number of payments.
• Request a forbearance or deferment during your repayment period.
• Receive documentation that your loan is paid in full.

Borrower Responsibilities

It's your responsibility to:

• Notify your school's financial aid office immediately if you:
  • Reduce your enrollment status to less than half-time, withdraw or fail to re-enroll at the end of a term.
  • Change your local or permanent address during enrollment.
• Complete exit counseling before you graduate or drop below half-time enrollment.
• Make on-time, monthly loan payments.
• Repay the total amount of your loan, including accrued interest, even if you don’t complete your education, don’t find a job in your field or you’re dissatisfied with your education.
• Notify your loan holder if any of the following events occur before your loan is repaid:
  • Change in your address or phone number
  • Change in your name or Social Security number
  • Change in your employer, or your employer's address or phone number
  • Drop to below half-time enrollment, withdraw from school or stop attending class
  • Transfer to another school
  • Graduate or change your expected date of graduation

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