Rights & responsibilities as a student loan borrower

questions and answersAs a federal student loan borrower, you have the right to know all of the particulars about your student loans — when you will begin repayment, who owns your loans, options during repayment, and much more. Naturally, by borrowing money and agreeing to pay it back, you are also bound by many important responsibilities during the life of the loan.

Here’s what you need to know.

Your Rights:

Before your school makes your first loan disbursement, you must receive the following information about your federal student loan from your school, lender, and/or the Direct Loan Servicing Center:

What Should Happen Before You Leave School:

student leaving for schoolBefore you leave school, you will receive the following information about your federal student loan (as part of “exit counseling”) from your school, lender, and/or the Direct Loan Servicing Center:

Note: Your private loans may not be dealt within the “exit counseling” meeting.

Problem-Solver: The Federal Student Aid Ombudsman

Another resource for you is the Federal Student Aid Ombudsman of the Department of Education. This person helps resolve disputes and solve other problems with federal student loans. For more information, visit the FSA Ombudsman.

 

Miscellaneous Student Loan Topics