Your Rights & ResponsibilitiesBelow 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 forbearancenotifying the U.S. Department of Education's Direct Loan Servicing Center of anything that might alter my eligibility for an existing defermentattending 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.
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