What documents Rights & Responsibilities Federal Student Loan Borrower

What Document Explains Your Rights And Responsibilities As a Federal Student Loan Borrower?

Ans. The master document outlining your rights and responsibilities as a federal student loan borrower is the Master Promissory Note (MPN). It is a document you sign to acknowledge the loan terms. It informs you of critical facts, such as your responsibility to repay the loan in full, with or without completion of your education.

Outside the MPN, you are guided by Entrance and Exit Counselling. Entrance counselling, a condition of receiving your initial loan disbursement, ensures you are aware of your responsibility for repayment. Exit counselling, a requirement upon graduation or halving your enrollment to half-time, addresses your repayment options and responsibilities.