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As a Direct Loan borrower, you have certain rights and responsibilities. You'll receive a complete list of these when you receive your promissory note. Listed below are some to keep in mind.
You have a right to
written information about your loan obligation-including information on loan
consolidation-and a list of your rights and responsibilities as a borrower
information-before you begin repayment-on interest rates, loan fees and how
they are collected, and the balance owed on your loans
a loan
repayment schedule
an
explanation of default and its consequences
an
explanation of the grace period and of federal interest benefits, if you
qualify for those benefits
prepayment of your loan without penalty
forbearance and deferments, if you qualify (these benefits are not granted
automatically; you must request them, and the U.S. Department of Education
determines if you qualify)
It is your responsibility to
repay the loan according to the loan repayment schedule
notify
your Direct Loan Servicing Center in advance if you will be late making a
payment
notify
your Servicing Center of anything that affects your ability to repay or affects
your eligibility for deferment or discharge
notify
your school (if you are still enrolled) and the Servicing Center if your or
your employer's name or address changes
notify
the Servicing Center if you fail to enroll for the period covered by the loan;
or if you graduate, withdraw from school, begin attending less than half time,
or transfer to another school
attend
an exit counseling interview before you leave school
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Loan Consolidation
![[Table of Contents]](http://www.pueblo.gsa.gov/cic_text/family/loandir/up.gif){kind=small}
Questions About Your Direct
Loan
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