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Rights & Responsibilities: Private Student Loans

Rights & Responsibilities

It’s important that you are aware of your rights and responsibilities regarding your private student loan.

Your Rights as a Borrower:

  • You may accept all, some, or none of the student loan funds offered
  • You may return the private student loan funds 30 days from loan disbursement date and incur no fees or interest
  • You are entitled to a copy of your student loan agreement, which outlines the terms and conditions of your student loan
  • You have a right to defer full repayment of the loan until after you graduate, but must choose to make interest-only or Proactive Payments during the deferment period
  • You may prepay in whole or in part at any time without penalty

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Your Responsibilities as a Borrower

  • You must repay your student loans on time and in full even if you do not finish your education, get a job, or feel satisfied with the education you received
  • You must notify your loan holder or servicer immediately of any change to your name, address, telephone number, or email address
  • You must make scheduled monthly payments even if you do not receive a bill or coupon booklet. If you have extenuating circumstances, contact your servicer right away to understand your deferment or forbearance options
  • If you are granted a forbearance or deferment after graduation, remember this is temporary and you will need to begin making regular payments again when the forbearance period ends
  • Being granted forbearance does not extend the term of the loan