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Rights and Responsibilities

When you borrow from the Stafford and Grad Plus Loan loan program you have certain rights and responsibilities associated with loans.  Your MPN contains a rights and responsibilities statement.  It includes the following:

Rights

  • To written information on your loan obligation and information on your rights and responsibilities.
  • To a grace period
  • To information, before you enter repayment on interest rate, fees, balance owed and the amount and number of monthly payments.
  • To a deferment, if you qualify and request it.
  • To forbearance, if you qualify and request it.
  • To prepay your loan in whole or part without penalty.
  • A copy of your MPN and return of your prom note when your loan is paid in full.
  • Documentation that my loan(s) is paid in full.

Responsibilities

  • Attend an Exit Interview when you leave school.
  • To repay my loans(s) even if I do not complete my academic program, I am dissatisfied with the education I received, or am unable to find employment after graduation.
  • Make payments according to your repayment schedule.
  • Notify your lender/holder of the following and anything that might affect your eligibility for deferment, ability to pay, or if you qualify for cancellation.
    • Move/Change address or telephone.
    • Change name or social security number.
    • Withdraw, transfer or drop below ½ time enrollment.
    • Fail to enroll for a period covered by the loan.
    • Change your graduation date or graduate.
  1. I have a right to the grace period on my Stafford loans
    • True
    • False
  2. I may not prepay my loan
    • True
    • False
  3. It is my responsibility to notify my servicer of any name, address, or status change
    • True
    • False
  4. Once I leave school, I cannot have any additional deferments
    • True
    • False

Lastly you must fill out a questionnaire, your financial aid entrance interview is not complete until you do so.

Click continue to be taken to the questionnaire.