Student Loan Repayment

A Student Loan, like any other loan, is a legally binding contract between the borrower and the lender. As the borrower, you have specific rights and responsibilities.

You're responsible for repaying your Student Loan - even if you're not satisfied with the education you receive, you don't find the job you hoped to get, or you don't finish school.

Rights and Responsibilities

Your Rights as a Borrower

You have the right to be notified of important information about your loan when you first get the loan and before you graduate. As with any loan information, be sure to read these notifications carefully and keep them in your files.

  • You have the right to a grace period - This is the period between leaving school and the beginning of repayment (6 months and one day). It begins when you graduate, leave school or drop below half-time status in some cases. This six month grace period is specifically on federal student loans. If you have a private student loan, you will want to check with your provider.
  • You have the right to be notified if your loan is sold and your payments must be made to a new lender or agency.

Your Responsibilities as a Borrower

  • You should repay your loan according to the terms of the promissory note.
  • You should notify your loan servicer or lender when you graduate, withdraw from school, drop below half-time status or change your name, address or Social Security Number.
  • You should participate in entrance counseling and exit counseling (for all loans) at your school.

Repayment Guidelines

  • Make all of your payments on time and in full. This helps you build a solid credit history.
  • Keep in touch with your lender. It's your responsibility to notify the lender of any personal changes. If the lender doesn't have your correct contact information, you could miss a payment and become delinquent, which will be reflected in your credit history.
  • Keep all of your loan documents. You may need the information later.
  • Keep good records of your repayment activity, including:
    • The date and amount of every payment you've made
    • Notes on your conversations with your lender and your school's financial aid office
    • The form you receive annually from your lender showing how much interest you've paid
  • Contact your lender immediately if you are having difficulty repaying the loan.

Federal Student Loan Repayment


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