Student Loan Bill of Rights
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Student Loan Bill of Rights A list of borrower rights and responsibilities
description
A list of all the rights and responsibilities that a private student loan borrowers has in relation with their lenders!
Transcript of Student Loan Bill of Rights
Student Loan Bill of Rights
A list of borrower rights and responsibilities
Student Loan Bill of Rights
You have the right to know about your Loan and Lender• Names and addresses of your lender (including telephone number), guarantee agency, secondary
market, and servicer.• Cumulative and yearly borrowing limits.• If guarantee/insurance and/or origination fee(s) apply, what the charges are, how they are computed,
and whether they are deducted from the loan.• How many loan disbursements there are and when you receive them.• Your total loan repayments on principal and interest, including when they begin, dollar amount, and
the frequency of payments.• An estimate of cumulative balance of all student loans and required monthly repayments to lender(s)
or secondary market(s).• If you may make an early repayment without penalty on part or all of your loan.• Consequences of default (reports to credit agencies, etc).• Notification if your loan is sold.• Other repayment options such as loan consolidation.• Deferment and forbearance options.• Information regarding any opportunity to repay your loan through military or other national service.
Student Loan Bill of Rights
You Must Inform Your Lender• If your name, address, phone number, or Social Security
number changes.• When you graduate, drop out, transfer schools, or drop
below half-time status.• Of any changes in your ability to repay your loan, or your
eligibility for deferment, forbearance or forgiveness.• If you are unable to repay your loan, then you must seek
a deferment or forbearance.• If you will not be able to make a payment on time.
Student Loan Bill of RightsYou Have The Right To Information About Your School
• The qualification criteria and process for your school’s financial aid programs; your school’s policies on academic standing, enrollment, satisfactory progress, required attendance and payments for tuition, fees, other costs and refunds.
• How your financial eligibility was determined, and detail of items listed in the cost of attendance budget.
• Explanation of everything in your financial aid package. For example, with work study: a clear explanation of the job, hours, duties, and pay.
• How to refuse a financial aid package – especially if it contains mistakes, or your particular situation has changed.
• Offered facilities and services for the disabled.• Crime statistics both on and off campus.
Student Loan Bill of RightsYour Responsibilities To Your School
• Completion of entrance loan counseling before receiving money for your first student loan.
• Truthful, accurate and timely completion of your financial aid and loan forms.
• Inform your school of changes to your name, address, school, phone number, attendance status, or financial situation.
• Read and keep any financial aid forms marked with your signature, and copies of letters or other correspondence that you have sent.
• Promptly provide any additional information.• Maintain an expected level of performance and professionalism if you
are involved in the college work-study program.• Attend an exit interview before leaving school.
Student Loan Bill of Rights
Your Responsibility To Your LenderRepay your student loan according to your repayment
schedule, unless you have obtained a deferment, forbearance or forgiveness.
