Borrower's Rights and Responsibilities
Students who take on student loans have certain rights and responsibilities as follows.
Your Rights as a Borrower
You have the right to receive the following information before the first loan disbursement:
- The full amount of the loan and the interest rate.
- The date you must start repaying the loan.
- The affect borrowing will have on your eligibility for other types of financial aid.
- A complete list of any charges you must pay (loan fees) and information on how those charges are collected.
- The yearly and total amounts you can borrow.
- The maximum repayment periods and the minimum repayment amount.
- An explanation of default and its consequences.
- An explanation of available options for consolidating or refinancing the student loan.
- A statement that you can prepay the loan at any time without penalty.
You have the right to receive the following information before leaving school:
- The amount of your total debt (principal and estimated interest), the interest rate, and the total interest charges on the loan(s).
- A loan repayment schedule that lets you know when your first payment is due, the number and frequency of payments, and the amount of each payment.
- If you have an FFEL Program Loan, you will be provided with the name of the lender or agency that holds your loan(s), where to send payments, and where to email or call if you have questions.
- Any fees you should expect during the repayment period, such as late charges and collection or litigation costs if delinquent or in default.
- An explanation of available options for consolidating or refinancing the loan.
- A statement that you can repay your loan without penalty at any time.
Your Responsibilities as a Borrower
As a borrower, you have the responsibility to:
- Understand that by signing the promissory note, you are agreeing to repay the loan according to the terms of the note.
- Make payments on the loan even if the you do not receive a bill or repayment notice.
- Continue to make payments after applying for a deferment or forbearance, until notification that the request has been granted.
- Notify the appropriate representative (institution, agency, or lender) that manages your loan when you graduate, withdraw from school, or drop below half-time status.
- Notify the appropriate representative (institution, agency, or lender) that manages your loan if you change your name, address, or Social Security Number, or transfer to another institution.
- Receive entrance counseling before being given the first loan disbursement, and to receive exit counseling before leaving school.
- Continue to meet basic eligibility requirements, maintain satisfactory academic progress (SAP), and complete your FAFSA annually, once you qualify for FSA.
Visit the Department of Education website for more detailed information about your rights and responsibilities, the terms of loan repayment (including loan repayment schedules), the necessity of loan repayment, and required loan exit counseling.
The university has partnered with ECMC Solutions to provide professional student loan counseling.
- This is a free service for all students and alumni in federal loan repayment or who are in need of deferment/forbearance assistance.
- If you have questions, comments, or concerns about repaying your student loan, ECMC Solutions has expert student loan advisors that are ready and willing to provide assistance.
- We encourage you to utilize this service and call ECMC Solutions at 877-331-3262 for assistance.
Note: unlike private student loans, the Federal Student Loan program provides various repayment options and alternative ways to postpone payment.