A student loan is a legally binding contract between the student-borrower and the lender. Under this contract, the borrower has certain rights and responsibilities.

• Borrowers have the right to receive a copy of the promissory note when the loan is made. They may request the note when the loan has been paid in full.
• The borrower may prepay all or part of the loan at any time without penalty.
• The borrower will receive written notification if the loan(s) are sold to another lender or secondary party.
• The borrower may qualify to defer repayment for a specific period of time after the grace period.
• The lender will provide a repayment schedule and detailed information about interest rates, fees, the balance owed and repayment options available before the borrower begins repaying the loan(s).

• Borrowers must attend an exit interview when they leave school.
• The borrower must notify the lender or loan servicer of any change in name, contact information and enrollment status.
• The borrower must repay the principal and interest on all education loans according to the terms of the promissory note.
• Borrowers must notify the lender if they are unable to make a scheduled payment.
• Borrowers are obligated to repay the loan(s) even if they are not fully satisfied with the education or have not completed the program.