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.

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