When you borrow from the Stafford and Grad Plus Loan program you have certain rights and responsibilities associated with loans. Your MPN contains a rights and responsibilities statement. It includes the following:
- 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.
- 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.
- I have a right to the grace period on my Stafford loans
- I may not prepay my loan
- It is my responsibility to notify my servicer of any name, address, or status change
- Once I leave school, I cannot have any additional deferments