before you borrow

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When you take out a federal student loan, you have certain responsibilities and rights as a borrower. Make sure you are familiar with these responsibilities and rights before you sign the promissory note.

  • You must provide complete and true information on all of your loan documents.
  • You must immediately update any changes to your name, address, telephone number, Social Security number, or student status.
  • You must repay your loan on time even if you do not complete your education, are dissatisfied with the education that you received, or are unable to find employment after graduation.
  • You will probably receive monthly statements, but you must make repayments on your loan even if you don’t receive a bill or repayment notice.
  • You should communicate if you are having trouble making payments. You may be able to postpone (defer) or reduce your payments.
  • If you apply for a deferment or forbearance, you must continue to make payments on your loan until you are notified that the request has been granted.

  • You have the right to request to temporarily postpone making payments before your repayment period starts. Your grace period begins when you leave school or drop below half-time status.
  • Before you begin to repay, you are entitled to receive a repayment schedule and detailed information about interest rates, fees, balance owed, and repayment options.
  • You have the right to prepay your loan in full or in part at any time without penalty.
  • You have the right to request a temporary deferment or forbearance if a change in income makes repayment difficult.
  • You have the right to request an income-sensitive, graduated, or income-driven repayment plan if eligible.


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before you borrow

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