Your federal student loan is a contract between you and your lender. Each of you has certain rights and responsibilities. The better informed you are, the better you'll be able to manage your loan and other types of credit and borrowing.

You are entitled to the following:

• A copy of your student loan application.
• A copy of your signed promissory note. This is the legal agreement between you, your lender, and the federal government. Keep it for your records.
• A disclosure statement summarizing the terms of your loan: amount of principal, interest rate, fees, disbursement dates, repayment options, repayment start date, and where to send your payments. You receive this statement prior to your first loan disbursement.
• A repayment schedule outlining the terms for repaying your loan. This schedule is typically sent during your grace period, before your first payment is due.
• Information about deferment and forbearance options.
• Written notification by both the selling lender and the purchaser if your loan is sold.
• A statement of your rights and responsibilities that includes the consequences of defaulting on your loan.
• Written notice when your student loan is paid in full.
• Cancellation of your loan if you die or become permanently and totally disabled. In some cases, a loan may also be canceled due to school closure, false certification by a school of your eligibility to borrow, or bankruptcy.

You have the responsibility to do the following:

• Attend loan entrance and exit counseling sessions.
• Repay your loan, even if you don't finish college, don't graduate, or are unsatisfied with the education you receive.
• Notify your lender, holder, or loan servicer within 10 days if you:
• move or change your address, telephone number, or Social Security number
• change your name
• withdraw or drop below half time attendance in school
• transfer to another institution
• graduate
• change your graduation date
• do not enroll
• Notify your lender immediately if you are unable to make a required payment when due.
• Keep all your loan forms and lender correspondence. If a dispute arises, it is your responsibility to provide documentation.
• You are ultimately responsible for the repayment of your loans. Know when you are scheduled to start repayment and plan accordingly.
• Call your lender or holder to help you manage your loans and establish good credit for yourself and your future.