As a loan borrower, you have certain Rights and Responsibilities. When a loan is accepted, you accept the obligation to repay that loan. The promissory notes outlines all specific legal obligations. Understanding the rights and responsibilities, you will maintain a good credit status on you loan. Listed below are some responsibilities.
It is your responsibility to:
- Repay your loan.
- Make payments on your loan even if you are not billed.
- Continue to make payments on your loan while waiting for a response to a deferment request.
- Notify your lender if you have circumstances that affect your ability to repay.
- Keep your lender informed of enrollment status changes or if you graduate.
- Keep your lender informed if your address, name or social security number changes.
- Read all information related to your loan and understand your loan obligations.
- Complete exit counseling.
For more detailed explanation of your Rights and Responsibilities go online or refer to your master promissory note.