What you need to know
Keep records of your student loans,
especially the promissory note and any loan information you receive
from your school or lender. Don't ignore your loan payment. Talk to
your lender about repayment options if you can't afford your loan
payment.
Here are some of your most important rights and
responsibilities:
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- You must use your loan only for
educational expenses.
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- Your lender must give you details
about your loan before it's disbursed and again when your loan must
be repaid.
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- Your school must tell you the
anticipated average monthly payment for your loan debt or the
average loan debt of other students who borrow to attend the school
or study in the same program.
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- You must tell your lender any time
you drop below half-time enrollment or change schools. Tell your
lender if you change your name, address, phone number, social
security number, references, and driver's license number. Before
you leave school, tell your lender your permanent address, the name
and address of your expected employer (if known), and the address
of your nearest relative.
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- You must repay your loan, plus
interest, even if you do not finish your program, you are unable to
get a job after you finish, or if you are unhappy with or do not
get the educational or other services you purchased from the
school.
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- Your lender may sell your loan or
use a servicer to manage your account. If your loan is sold and the
address where you send payments changes, you'll be notified of the
name, address, and phone number of the new lender.
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- You are entitled to a deferment or
forbearance of your loan payments in certain cases.
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- You may prepay your loan at any
time without penalty.
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