The borrower has the right to:

• Written information on loan obligations, including loan consolidation and refinancing
• A copy of the promissory note, and return of the note when the loan is paid in full
• Information on interest rates, fees, the balance owed on loans, and a loan repayment schedule
• Notification if the loan is sold or transferred to a loan servicer
• Federal interest benefits, if qualified
• A grace period, if applicable, and an explanation for what that means
• Prepayment of the loan without penalty
• Deferment, if the borrower qualifies
• Request forbearance

 The borrower has the responsibility to:

• Perform an entrance counseling session before beginning the loan process
• Repay the loan according to the terms of the promissory notes
• Notify both school and lender in writing about any changes that would affect the ability to repay, or eligibility for deferment or cancellation
• Notify the lender if he or she graduates, withdraws from school, drops below halftime status, transfers to another school, or changes name, address, or social security number
• Notify the lender if he or she fails to enroll for the period covered by the loan
• Attend an exit counseling session before leaving school.