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Student Loan Rights and Responsibilities
Taking on a student loan is an exciting way to further your education and career. Taking a student loan means that you are expecting certain things from your lender, and that you are taking on certain responsibilities as a borrower.
Borrower Rights
- You have a right to a copy of all of the paperwork surrounding your loan. Be sure to get a copy of the contract.
- You have a right to choose not to borrow all of the funds offered to you.
- You might qualify for various payment plans including need-based and graduate payment plans.
- For federally funded loans (and most private loans) you can pay off your loan faster than expected without penalty.
Borrower Responsibilities
- If you choose not to borrow the entire amount, you must let your school, government, and/or banking institution know.
- You must make your monthly payments each month and on time, regardless of if you get a notice.
- You must repay your loan even if you do not finish school
- You must repay your loan even if you are not employed
- You must notify your lender of any changes to your personal information (name, address, social security number/social insurance number) immediately.
