As you enter into new borrowing relationships, it is important to know your rights as well as the responsibilities required of you.

Your Rights as a Borrower

  • You have the right to prepay any federal loan (including Stafford, Perkins, PLUS, or consolidation loans).
  • You have the right to not be charged any prepayment penalties on federal student loans.
  • You have the right to make payments towards your loan or pay more than what is required at any point in time (including while you are still in school).
  • You have the right to contact your servicer and request that your term be shortened or that your repayment plan be changed at any time (likely during or after residency).
  • You have the right to request the lender reduce or postpone payment through a deferment or a forbearance if you are experiencing financial difficulties.

Remember: You must be proactive in exercising these rights! Your lender will not reach out to you and remind you of them.

Your Responsibilities as a Borrower

  • You are responsible for paying back your loan on time.
  • You are responsible for making your regular payments by the due date, whether you receive a statement or not.
  • You are responsible for notifying your servicer(s) of any address changes.
  • You are responsible for completing entry and exit counseling with your financial aid officer.

Check out these pages for more information about loans: