Rights and Duties
As the borrower of a student loan, you have the right to:
Receive a loan disclosure statement with your loan funds that lists your interest rate, estimated total interest costs, and total indebtedness.
Receive a repayment schedule before your payment is due.
Be notified in writing if your loan is sold or transferred and the address to which you send your payments changes and be given the name, address and phone number of the new holder.
Request a deferment or forbearance if you have difficulty making payments.
At the same time, you have the duty to:
Adhere to the responsibilities described on your student loan promissory note once you've signed it and endorsed your check or accepted your EFT funds. You have made a legal agreement to live up to these responsibilities.
Also you must inform the holder of your loan if you change:
transfer to another school,
go on leave of absence,
withdraw from school,
or change your graduation date.