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The Financial Counseling Association of America

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Rights & Responsibilities

For many students, borrowing a student loan is their first experience in lending. It is important to understand that when you take out student loans for school, you are signing a contract that you agree to repay the loans. The Master Promissory Note (MPN) is a legally binding document.

Before you agree to take out student loans, you should understand your rights and responsibility as a student loan borrower.

Borrower Rights

Federal student loan borrowers have a number of options to successfully manage student loan debt. These options include: the right to temporarily stop payments with a deferment or forbearance, the right to reduced payments by switching repayment plans, depending on your financial circumstances and other conditions, and the right to loan cancellation, discharge or forgiveness in certain situations.

Borrower Responsibilities

As a federal student loan borrower, you are responsible for the repayment of your loan. You remain responsible for repaying your loan regardless of whether you graduate from college or feel dissatisfied with the education you received.

You are responsible for knowing when your loan repayment begins, and your required payments. It is important to prepare for repayment as you get ready to graduate or withdraw from school.

You are responsible for notifying your loan servicer of any change to your address. If you move, and do not receive your student loan bills, you are still responsible for making your required payments.

You are also responsible for notifying your loan servicer and school if your name or contact information changes, if you transfer or withdraw from school, after a change in employment, or any change that could impact your loan.

You are responsible for notifying your school’s financial aid office if you stop attending your classes, withdraw, or do not re-enroll as planned. You are also responsible for notifying your financial aid office if your expected graduation date changes.

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Paying for College

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