Your Stafford loan promissory note details your rights and responsibilities as a borrower. Key things you should know:

Borrower rights:

• Before you begin to repay, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe, and repayment options available to you.

• You have the right to defer repayment for certain defined periods after the grace period, if you qualify.

• You have a right to request forbearance.

• You may be eligible to repay your student loans under a graduated or income-based repayment schedule.

• You may prepay your loan in whole or in part at any time without penalty.

Borrower responsibilities:

• You must repay your loans on time (including any accrued interest and the insurance and origination fees that were deducted from your loan at disbursement) even if you do not complete your education, are unable to find employment after graduation, or are dissatisfied with the education you received.

• You must notify your loan holder or servicer immediately about any changes to your name, address, telephone number, Social Security number, or student status.

• You must repay at least $600 a year ($50 a month) per account, unless you have deferment or your loan holder or servicer agrees to a lesser amount.

• If you request deferment or forbearance, you must continue to make normally scheduled payments until you receive written confirmation that your account has been placed in deferment or forbearance.

Rights and responsibilities differ for PLUS and HEAL loans. Check your promissory notes for a more detailed description of those rights and responsibilities.