What you borrow has to be paid back, so it's important that you understand all the terms and conditions of your student loan.
The more you know, the easier it will be to manage your student loan account.

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Rights and Responsibilities

As a borrower, you have certain rights and responsibilities. Rights - You have the right to:

• Prepay all or any part of your loan at any time without penalty
• Deferment of repayment if you are eligible and if you apply according to the lender's requirements
• Receive from your lender (after your loan is fully repaid) a copy of your promissory note or some other document showing that you have discharged your obligation

Responsibilities - You are responsible for notifying the lender of:

• Name changes
• Address changes
• Telephone number (home & business) changes
• SSN changes or discrepancies
• Not enrolling at least half time at the school that certified your loan
• Withdrawing, dropping below half time, graduating, or transferring schools
• You should also notify the lender of any other changes in your status that would affect your loan status.
• You are responsible for the repayment of your loan(s)

Lenders offer a variety of repayment plans to help you ensure successful repayment of your loan. Click here to view a tutorial on loan entrance counseling and how to sign your master promissorry note (MPN) http://www.tridenttech.edu/training/studentloangov/studentloangov.html.

Repayment Plans

• Standard Repayment Plan
  This plan provides substantially equal monthly payments during the life of the loan, not to exceed 10 years.
• Graduated Repayment Plan
  This plan allows for a reduced payment initially with an increase in your payments every 24 months. This plan provides the greatest relief from the 'cash crunch' of starting your career.
• Income-Sensitive Repayment Plan
  Monthly payments are adjusted annually based on expected total monthly gross income from all sources.
• Extended Repayment Plan
  For new borrowers on or after October 7, 1998 with Federal Family Education Loans (FFEL) exceeding $30,000, this plan sets a fixed annual or graduated repayment amount paid over an extended period of time, not to exceed 25 years ($50 minimum per month).

If you are having difficulties making your payments, contact your lender immediately. You may be eligible for a deferment, or you can request forbearance. Forbearance is a period of time when you do not qualify for a deferment but you need a temporary suspension of payments. Forbearance is granted at the lender’s discretion. During the forbearance period, interest continues to accrue on your account. You may choose to pay the interest or it will be added to the principal balance at the end of the forbearance period (capitalized), which may increase your monthly payment.

Who is my lender?

If you don't know who holds your loan, you can use http://www.nslds.ed.gov/ to find out about your federal student loans. The site displays information on loan and/or federal grant amounts, outstanding balances, loan statuses, and disbursements. To use the NSLDS Student Access Web site, you will need to provide your Social Security Number, the first two letters of your last name, your date of birth, and your PIN.

When do I start paying back my student loans?

Your lender will send you information about repayment, and you’ll be notified of the date repayment begins. However, you’re responsible for beginning repayment on time, even if you don’t receive this information. For additional information on loan repayment, contact your lender or go to http://studentaid.ed.gov/students/publications/student_guide/index.html