Borrower's Rights and Responsibilities
When you sign the Master Promissory Note (MPN), you are certifying that you have read and agree to the terms of the MPN including the Borrower's Rights and Responsibilities Statement. Highlights of the Statement include:
Borrower Rights
You may prepay your loan at any time or make payments in full without penalty.
You also have the right to request a forbearance or deferment during your repayment period. Deferments are entitlements, and most forbearances are granted at the lender’s option.
Borrower Responsibilities
You must make timely monthly payments on your loan.
You must repay the total amount of your loan, in addition to accrued interest, even if you do not complete your education or find a job in your field or you are dissatisfied with your education.
You must notify the financial aid office of your school immediately if you reduce your enrollment status to less than half-time, withdraw or fail to re-enroll at the end of a term, or change your local or permanent address during enrollment.
Federal law also requires you to notify your loan holder if any of the following events occur before your loan is repaid:
Change address
Change your name (for example, maiden name to married name)
Fail to enroll at least half-time for the loan period certified or at the school that certified your application
Withdraw from school or begin attending less than half-time
Transfer from one school to another school
Graduate
Change your employer or your employer’s address changes
Encounter any other change that would affect your loan status (for example, the loss of eligibility for an unemployment deferment by obtaining a job)
Download complete list of Borrower's Rights and Responsibilities Statement (PDF)