Your Rights as a Borrower 

  • You may accept all, some, or none of the student loan funds offered. 
  • You are entitled to a copy of your promissory note, which outlines the terms and conditions of your student loan, and will receive it before or after the loan is made.  
  • Before you begin to repay, your loan holder is required to give you a payment schedule and detailed information about interest rates, fees, the balance you owe, and your repayment options.  
  • You have a right to defer payments for certain defined periods or to request forbearance if you qualify. 
  • You may be eligible to repay under a graduated or income-based repayment plan.  
  • For federal student loans and most private student loans, you may prepay in whole or in part at any time without penalty. 

Your Responsibilities as a Borrower 

  • You must notify your school if you want to borrow less than the amount that has been awarded.  
  • You must repay your student loans on time and in full even if you do not finish your education, get a job, or feel satisfied with the education you received.  
  • You must notify your loan holder or servicer immediately of any change to your name, address, telephone number, or Social Security number. 
  • You must make scheduled monthly payments even if you do not receive a bill or coupon booklet.  
  • First-time Federal Direct loan borrowers must receive entrance counseling before funds can be disbursed. 
  • Students are required to complete exit counseling when they graduate, withdraw, drop to less than half-time enrollment, or do not return for the next term. Students can access exit counseling online at