Rights & Responsibilities

Student Loans
Most undergraduate students take out educational loans, but many do not understand their rights and responsibilities. For many of these borrowers, a student loan is their first loan. Because loans are easily available (for instance, no credit check is needed to obtain a student loan), students don't always pay attention to the specifics of the loan.

Attend Exit Counseling
When you receive a federal student loan, the school or your lender is required to provide you with exit counseling. Your exit counselor will speak to you about your grace period and minimum monthly payments, and should be able to answer any questions you have.

Make sure to ask your exit counselor about student loan consolidation. You can only  consolidate your educational loans once, so make sure you shop around to get the best interest rates.

Repayment Responsibilities and Rights
You need to repay your student loan on time each month to protect your credit. Even if you cannot find a job when your grace period ends, it is ultimately your responsibility to repay the loan.

You have the right to apply for loan deferment, forbearance, or cancellation if you meet the requirements.

Your Loan's Details
When you graduate or leave school, you have the right to request specific information about your loan. These include:

• Disclosure of the full amount of your loan
• Your interest rate and details
• Any additional fees and penalties

Being aware of the rights and responsibilities of your student loans can help you to build good credit as you work to pay off your debt.