Timely repayment and smart management of education loan debt is essential to making your education a total success. To effectively manage the repayment of your student loans, it is essential that you understand your rights and responsibilities as a borrower.
As a student loan borrower, you have the right to:
- A repayment period of at least 10 years as long as you make the monthly minimum payments. (Does not apply to Women's Auxiliary (WAUX) loan)
- A copy of your promissory note, written information on loan obligations, repayment schedules, and other information on interest rates, fees, etc.
- Prepay the loan at any time without penalty.
- A grace period before beginning repayment.
- Defer repayment for a specified period of time, if you qualify.
- Be notified in writing if your loans are sold or transferred for servicing.
- Have your student loan obligation forgiven if you die or become totally and permanently disabled.
As a student loan borrower, you must :
- Repay your loans according to the terms of your loan agreement regardless of employment status, whether or not you completed your education, or whether or not you are satisfied with your education.
- Repay any fees and accrued interest in accordance with the terms of the promissory note.
- Notify your lender or university of any change of address, phone number, graduation date, or if you transfer or drop below half-time status.