3 R's of Student Loan Repayment

Rights, Responsibilities and Relief

 

If you borrow money for your education, this is important information you have to know:

 

You have the right to...

  • a copy of your Promissory Note and Disclosure Statement when your loan is disbursed
  • a copy of your original Promissory Note when your loan is paid in full
  • receive a payment schedule before loan repayment begins, explaining the amount of your monthly loan payment, how long you will need to pay that amount, information how to repay without penalty and how to reach your lender when you have questions, comments or concerns
  • be notified if your loan is sold or transferred to another financial institution or secondary company
  • pre-pay all or part of your loan at any time without penalty
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You are responsible for...

  • following the loan repayment schedule you receive when your grace period is over
  • writing to your lender when you:
    • change your address
    • change your name
    • transfer to another school
    • leave school for any reason
    • become less than a full-time student
  • contacting your lender 90 days before your grace period ends to set up payment arrangements
  • contacting your lender if you are unable to repay your loan due to unemployment or other special circumstances
     

You have several relief options...

  • you have the right request a loan deferment to postpone your payments.
  • you have the option to forbearance if you are financially unable to make payments.
  • you may change your repayment schedule to give you more time and smaller payments
  • you can consolidate your loans into one easy payment
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