Rights
and Responsibilities
Monthly Payment | Scholarship
Resources|
Family Program | Basic
Eligibility | Stafford
Loan |
Repayment | Rights &
Responsibilities | Related
Policies |
Database Match | Private
Loan Programs | Tax Benefits
|
Postscript - Using Home Equity Loans | Federal Grad Plus Loan
As a Federal Stafford Student Loan
Borrower you MUST:
- Attend entrance counseling before receiving
the first loan payment.
- Attend exit counseling before leaving
school or when you drop below half-time enrollment.
- Repay the loan, even if you do not complete
your academic program, are dissatisfied with the education
received, or are unable to find employment after graduation.
- Notify the Financial Aid Office and your
lender's Loan Servicing Center promptly if you:
- Change your name or address
- Withdraw from school or drop below half-time
enrollment
- Transfer to another school
- Fail to enroll or re-enroll in school
during the academic period for which the loan was intended
- Graduate or change your expected date
of graduation
- Make monthly payments on your loan(s)
after leaving school, unless a deferment or forbearance
has been granted.
- Notify your lender's Loan Servicing
Center of anything that might alter your eligibility for
an existing loan.
As a Federal Stafford Student Loan
Borrower You Are ENTITLED To:
- Written information on your loan obligations,
including consolidation and refinancing, and your rights
and responsibilities as a borrower.
- A grace period and an explanation of what
this means.
- A disclosure statement prior to beginning
repayment that contains information about interest rates,
fees, the balance owed, and repayment options.
- Deferment of repayment for certain defined
periods, if you qualify and if you request it.
- A forbearance if you qualify and if you
request it.
- Prepayment of your loan in whole or in
part at any time without an early- repayment penalty.
- A copy of the Master Promissory Note when
the loan is made.
- Documentation when your loans are paid
in full.
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