The borrower’s rights and responsibilities are thoroughly explained on the Master Promissory Note you signed for your federal student loan(s). It’s important that you keep a copy of your MPN for your records, as it applies to current and subsequent loans you may receive.


I understand I have the RIGHT to:


  • Request a copy of my MPN and borrower’s rights and responsibilities at any time from my loan holder.

  • Receive a six month grace period before my first payment on my federal student loan must be made.

  • Reduce or cancel my federal student loan disbursements by notifying my school or loan holder. 

  • Choose a repayment plan that fits my financial situation; otherwise, I will repay my loan(s) under the Standard Repayment Plan.

  • Prepay all or any part of my loan amount without penalty.

  • Receive notification, in writing, if my loan is sold or transferred to a new loan holder.

  • Discharge my federal student loan due to death or permanent disability.
  • Consolidate my federal student loans into a single loan with new terms and one monthly payment.
  • Request a deferment or forbearance from my loan holder; and if I qualify, postpone my payments.   




  • I must use my federal student loan money only for authorized educational expenses.

  • I must notify my school’s financial aid office if I reduce my enrollment status to less than half time, withdraw from school, stop attending classes, do not re-enroll in school, have a change with my expected graduation date or transfer to another school.

  • I must participate in exit counseling if I graduate, drop below half time status or withdraw from school.

  • I must notify my school and my loan holder if I change my name, address, phone number or email address.

  • I must repay all loans and accrued and/or capitalized interest, even if I did not complete my program, was unsatisfied with the level of educational services received or unable to obtain employment in my field.

  • If I default on my loan, my entire unpaid balance and collection fees will become due immediately, in addition to other consequences.