Your Rights & Responsibilities

Below is a summary of your rights and responsibilities as a borrower of a Direct Loan. More specific rights and responsibilities for your loan was provided to you with a copy of your promissory note and can be requested by sending us an email or calling us.

I understand that I have a right to the following:

  • written information on my loan obligations and information on my rights and responsibilities as a borrower
  • a grace period and an explanation of what this means
  • a disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and the number of payments
  • deferment of repayment for certain defined periods, if I qualify and if I request it
  • forbearance, if I qualify and if I request it
  • prepayment of my loan in whole or in part any time without an early-repayment penalty
  • a copy of my promissory note either before or at the time my loan is disbursed
  • documentation that my loan(s) are paid in full

I understand I am responsible for:

  • attending Exit Counseling before I leave school or drop below half-time enrollment
  • repaying my loan even if I do not complete my academic program (under certain circumstances), I am dissatisfied with the education I received, or I am unable to find employment after I graduate
  • notifying my school and the Direct Loan Servicing Center if I:
    • move/change my address
    • change my name
    • withdraw from school or drop below half-time enrollment
    • transfer to another school
    • fail to enroll or reenroll in school for the period for which the loan was intended
    • change my expected date of graduation
  • making monthly payments on my loan(s) after I leave school, unless I have a deferment or a forbearance
  • notifying the U.S. Department of Education's Direct Loan Servicing Center of anything that might alter my eligibility for an existing deferment
  • attending classes and making satisfactory academic progress as defined by my school.
  • I understand that I am receiving a loan from the federal government that must be repaid.