You Have the Right to...
- A copy of your Promissory Note and Disclosure Statement when your
loan is disbursed.
- A copy of your original Promissory Note when your loan is paid in
full.
- Receive a payment schedule before loan repayment begins, explaining
the amount of your monthly loan payment, how long you will need to
pay that amount, information on how to prepay without penalty, and
how to reach your lender with any questions, comments or concerns
you have about your loan.
- Request a loan deferment under certain circumstances.
- Be notified if your loan is sold and the servicer, or place where
you make payments, changes.
- Combine your loans into one loan with one payment.
You are Responsible for...
- Following the loan repayment schedule you receive when your grace
period is over.
- Writing to your lender or lender’s agent if you:
- change your name, address or phone number
- transfer to another institution
- leave school for academic, personal, medical or other reasons
- become less than a half-time student
- Contacting your lender if you are unable to repay your loan due
to unemployment or special circumstances.
Tips to Stay Organized and Keep Accurate Records
- Make payments on time and always pay the full amount or more.
- Create a separate file for each loan or account.
- Keep copies of everything for at least a year and keep them in
a safe place.
- Keep the address and phone contact information current on each account.
- Include your account number on all correspondence.
- Open and read all of your mail.
- Contact your lender/creditor immediately if you have questions about
your account or have difficulty making a payment.
If you find you are having trouble making
your monthly payments, here are some steps you can take:
- Contact your creditors. They will usually try to work with you until
you can get control of your finances. Remember, it’s in their
best interest to prevent delinquency and default as well.
- Contact a reputable credit counseling service. You can call the
National Foundation for Credit Counseling that will direct you to
a free or low-cost service in your area: 800-388-2227 or www.nfcc.org.
- Stop using your credit card immediately.
- Use cash to make purchases.
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