Rights & Responsibilities for Student Loan Borrowers
Your Rights as a Student Loan Borrower
- You may accept all, some or none of the student loan funds offered.
- You are entitled to a copy of your master promissory note (which outlines the terms and conditions of your student loan) before or after the student loan is made.
- Your loan holder is required to gibe you a payment schedule as well as detailed information about interest rates, fees, loan balance and payment options before you begin.
- if you qualify, you have a right to defer payments for certain defined periods or request a forbearance.
- You may be eligible to repay your student loan under a graduated extended or income based repayment plan.
- You may be eligible for federal loan forgiveness or discharge in certain circumstances such as employment in public service or total and permanent disability.
- For federal student loan and most private student loans, you may prepay in full or in part at any time without penalty.
Your Responsibilities as a Student Loan Borrower
- You should borrow only what you need and consider the earnings potential in your chosen profession to determine how easily you can repay your student loan debt.
- You must notify us if you want to borrow less than the amount you accepted or certified.
- You must repay your student loans on time and in full even if you do not finish your education, get a job or feel satisficed with the education you received,
- You must immediately notify your student loan holder or servicer of any change to your name, address, telephone number or Social Security number.
- You must make scheduled monthly payments even if you do not receive a bill.
- First-time Direct Subsidized/Unsubsidized Student Loan borrowers must complete entrance counseling and the master promissory note before funds can be disbursed. There is a 30 delay disbursement for first-time student loan borrowers from the first date attended during that aid year.
- You are required to complete exit counseling when you stop attending Umpqua Community College or are attending less than half-time.