Written information on their loan obligations and information on their rights and responsibilities as a borrower.
A grace period and an explanation of what this means.
A disclosure statement, received before they begin to repay their loan(s), that includes information about interest rates, costs, the balance owed and the number of payments.
Deferment of repayment for certain defined periods, if they qualify and request it.
Forbearance, if they qualify and request it.
Prepayment of their loan(s) in whole or in part any time without an early-repayment penalty.
A copy of their promissory note either before or at the time the loan is disbursed
Documentation that their loan(s) are paid in full.
Loan Recipients Are Responsible For The Following:
Attend exit counseling before they leave school or drop below half-time enrollment.
Repay the loan(s) even if they do not complete the academic program (under certain circumstances), are dissatisfied with the education received, or are unable to find employment after graduation.
Notify the school and the Direct Loan Servicing Center if they:
Move/Change their address
Change their name
Withdraw from school or drop below half-time enrollment
Transfer to another school
Fail to enroll or re-enroll in school for the period for which the loan was intended
Change their expected date of graduation
Graduate
Make monthly payments of their loan(s) after they leave school, unless they have a deferment or a forbearance.
Notify the U.S. Department of Education, Direct Loan Servicing Center or anything that might alter their eligibility for an existing deferment.
