Managing Student Loans

As a borrower, you have the right to:

• Written information about your loan obligations, including consolidation
• A copy of your Master Promissory Note (MPN) either before or at the time your loan is disbursed
• A grace period and an explanation of what this means
• Notification, if you are in a grace period or repayment, no later than 45 days after a lender assigns, sells or transfers your loan to another lender/loan servicer
• A disclosure statement, received before you begin to repay your loan, that includes information about interest rates, fees, the balances you owe, and a loan repayment schedule
• Deferment or forbearance of repayment for certain defined periods, if you qualify and request it
• Prepayment of your loan in whole or in part anytime without an early repayment penalty
• Documentation that your loan is paid in full
• An explanation of default and its consequences

As a borrower, you are required to:

Participate in entrance and exit counseling programs

• Repay the loan according to the repayment schedule even if you do not complete the academic program, you are dissatisfied with the education you received, or you are unable to find employment after you graduate
• Notify your lender/loan servicer of any changes in academic status, your name, address, phone number, your social security number, or changes in your employer information 
• Notify your loan servicer of anything that affects your ability to repay or impacts your eligibility for deferment or cancellation of the loan
• Make monthly payments on your loan after your grace period ends, unless you have a deferment or forbearance
• Notify your loan servicer of anything that affects your ability to repay or impacts your eligibility for deferment or cancellation of the loan

• Keep Copies of EVERYTHING
• Keep all loan documents and financial aid information in one place
• Organize and record loans by type
• Document calls and record names every time you speak to your lender

• Borrow conservatively
• If possible, pay interest while in school
• Consider what your monthly payment will be:  $125.00 per month for every $10,000 borrowed
• The lower the monthly payment, the higher the overall cost