Your Rights as a Borrower

• You may accept all, some, or none of the student loan funds offered
• You may return the loan funds 30 days from loan approval date and incur no fees or interest
• You are entitled to a copy of your loan agreement, which outlines the terms and conditions of your student loan
• You have a right to defer repayment of the loan until after you graduate, but must choose to make interest or good-faith payments during the deferment period
• You may prepay in whole or in part at any time without penalty

Your Responsibilities as a Borrowers

• Upon graduation, you must decide which repayment option is right for you (graduated or regular repayment). Under the graduated plan you can choose to make interest only payments for the first two years
• You must repay your student loans on time and in full even if you do not finish your education, get a job, or feel satisfied with the education you received
• You must notify your loan holder or servicer immediately of any change to your name, address, telephone number, or Social Security number
• You must make scheduled monthly payments even if you do not receive a bill or coupon booklet. If you have extenuating circumstances, contact your servicer right away to understand your deferment or "forbearance" options.
• If you are granted a forbearance or deferment after graduation, remember this is temporary and you will need to begin making regular payments again when the forbearance period ends.