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 just some of your rights.
You have a right to:
- A copy of your promissory note when you receive your loan and your original promissory note when your loan is paid in full.
- Receive notice if your lender assigns, sells, or transfers your loan to another lender or servicing agency.
- Information regarding interest rates, fees, balance owed and a repayment schedule before you go into repayment.
- A grace period before you enter into repayment.
- Prepay all or any part of your loan balance without penalties.
- Request and receive a deferment if you meet the eligibility requirements.
- An explanation about default and the consequences of defaulting on your loan.
For more detailed explanation of your Rights and Responsibilities go online or refer to your master promissory note.