As a Federal Stafford Student Loan Borrower you MUST:

  • Attend entrance counseling before receiving the first loan payment.
  • Attend exit counseling before leaving school or when you drop below half-time enrollment.
  • Repay the loan, even if you do not complete your academic program, are dissatisfied with the education received, or are unable to find employment after graduation.
  • Notify the Financial Aid Office and your lender's Loan Servicing Center promptly if you:
    • Change your name or address
    • Withdraw from school or drop below half-time enrollment
    • Transfer to another school
    • Fail to enroll or re-enroll in school during the academic period for which the loan was intended
    • Graduate or change your expected date of graduation
  • Make monthly payments on your loan(s) after leaving school, unless a deferment or forbearance has been granted.
  • Notify your lender's Loan Servicing Center of anything that might alter your eligibility for an existing loan.

As a Federal Stafford Student Loan Borrower You Are ENTITLED To:

  • Written information on your loan obligations, including consolidation and refinancing, and your rights and responsibilities as a borrower.
  • A grace period and an explanation of what this means.
  • A disclosure statement prior to beginning repayment that contains information about interest rates, fees, the balance owed, and repayment options.
  • Deferment of repayment for certain defined periods, if you qualify and if you request it.
  • A forbearance if you qualify and if you request it.
  • Prepayment of your loan in whole or in part at any time without an early- repayment penalty.
  • A copy of the Master Promissory Note when the loan is made.
  • Documentation when your loans are paid in full.

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Updated: 2016-04-21, 15:03