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Your Rights and Responsibilities as a Student Loan Borrower

As a federal loan borrower your have many rights that include your right to know all of the particulars about your loan—specifics on when you will start to pay it, 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

Before 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:

Your Responsibilities:

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 homepage at www.ombudsman.ed.gov.

 

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