Rights and Responsibilities

Rights

• You are entitled to repayment periods of at least five years, as long as your monthly minimum payment is met.
• You have the right to prepay all or part of your loan at anytime without penalty.
• You may excercise any consumer protection rights under federal or state law applicable to federally guaranteed student loans.
• You are entitled to a copy of your Repayment Schedule and Disclosure Statement.
• You have the right to be notified in writing if your loans are sold or transferred for servicing.
• If you qualify, you have the right to defer your loan payments for a specified period of time.
• You are entitled to have any questions about your Federal Stafford or SLS Loan answered by your lender or guarantee agency.
• You have the right to have your loan payments cancelled if you die or become permanently and totally disabled.
• You have the right to a graduated or income-sensitive repayment period, if you are a new borrower.
• You have the right to defer payment on your SLS Loan while your Stafford Loan is in the grace period.

Responsibilities

• You must make your loan payments on time.
• You must repay your loan whether or not you complete your studies, are satisfied with the education you received or are able to find employment.
• You must begin making payments at the end of your grace period (or immediately upon disbursement for Federal SLS Loans) whether you have received a Repayment Schedule or not. If your first payment due date is nearing and you have not yet received a Repayment Schedule, contact your lender.
• You must notify your lender or servicer if you change schools, change your name, change your address or change your enrollment status (e.g., withdraw, graduate or drop to less than half-time status).
• If you are notified that your loans are serviced by an agency other than the lender, you must refer all further correspondence, inquiries and payments to the servicer.
• You are responsible for knowing the terms of your student loan. You should keep copies of all your student loan papers, documents and correspondence.
• If you are unable to meet a scheduled payment talk to your lender or servicer. Your lender or servicer may be able to help you if you communicate.
• When you graduate, withdraw or drop to less than half-time enrollment, you must give your school your expected permanent address, the name and address of your expected employer and the address of your next of kin. You must also update the school on any changes to your name, address, social security number, references and driver's license number.

Repayment and Interest Tables Loan Consolidation

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