Rights and Responsibilities
Summary Checklist

I understand that I have a right to the following (check off each box as you read):

written information on my loan obligations and information on my rights and responsibilities as a borrower

a grace period and an explanation of what this means

a disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and the number of payments

deferment of payment for certain defined periods, if I qualify and if I request it

forbearance, if I qualify and if I request it

prepayment of my loan in whole or in part any time without an early-repayment penalty

a copy of my promissory note either before or at the time my loan is disbursed

documentation that my loan(s) are paid in full

I understand I am responsible for

attending exit counseling before I leave school or drop below half-time enrollment

repaying my loan even if I do not complete my academic program (under certain circumstances), I am dissatisfied with the education I received, or I am unable to find employment after I graduate

notifying my school and the Direct Loan Servicing Center if I

move/change my address

change my name

withdraw from school

transfer to another school

fail to enroll or reenroll in school for the period for which the loan was intended

change my expected date of graduation

graduate

making monthly payments on my loan(s) after I leave school, unless I have a deferment or a forbearance

notify the U.S. Department of Education's Direct Loan Servicing Center of anything that might alter my eligibility for an existing deferment

I have received exit counseling materials for Direct Loan and Direct Unsubsidized Loan borrowers. I have read and I understand my rights and responsibilities as a borrower.

I understand that I have received a loan(s) from the federal government that must be repaid.

_____________________________________                             __________________________
          Student's Name (Please Print)                                           Social Security Number

_____________________________________                             __________________________
Student Signature                                                                                   Date

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