Your Rights and Responsibilities as a Borrower

When you accept a loan, you accept legal and financial responsibilities that last until the loan is repaid. Here's a checklist of your responsibilities in the loan process, as well as your rights as a borrower. When you accept a student loan, you agree to:

Repay your loan, including accrued interest and fees, whether or not you complete your education, obtain employment, or are satisfied with your education.
Attend exit counseling before you leave school or drop below half-time enrollment.
Notify your lender or current holder or your loan within ten days if you change your name, address or phone number; drop below half-time status, withdraw from school or transfer; or change your graduation date.
Direct all correspondence to the current holder of your loan, which could change during the life of the loan.
Make monthly payments on your loan after leaving school, unless you're granted a deferment or forbearance.
Notify your lender or the current holder of your loan of anything that might change your eligibility for an existing deferment.