Information on repaying your loans can be found at the U.S. Department of Education’s website at http://studentaid.ed.gov.
Sample Payment Amounts:
|Loan Amount||Estimated Payment Amount|
These are examples only. Contact your lender for payment amounts specific to your loans. Examples assume a fixed interest rate of 6.8% and a repayment term of 10 years. Examples do not include capitalized interest. If interest is capitalized, the payment amounts will be higher.
Obligation to Repay
- You are obligated to repay the full amount of the loan plus interest and fees even if you have not completed the program of study
- Are unable to obtain employment
- Are otherwise dissatisfied with or do not receive the educational or other services you expected to receive from the school.
Rights & Responsibilities
Below is a summary of your rights and responsibilities as a borrower of a Direct Loan. More specific rights and responsibilities for your loan were provided to you with a copy of your promissory note and can be requested by calling Department of Education, Direct Loan.
I understand that I have a right to the following:
- written information on my loan obligations and information on my rights and responsibilities as a borrower
- a grace period and an explanation of what this means
- a disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and the number of payments
- deferment of repayment for certain defined periods, if I qualify and if I request it
- forbearance, if I qualify and if I request it
- prepayment of my loan in whole or in part any time without an early-repayment penalty
- a copy of my promissory note either before or at the time my loan is disbursed
- documentation that my loan(s) are paid in full
I understand I am responsible for:
- attending Exit Counseling before I leave school or drop below half-time enrollment
- repaying my loan even if I do not complete my academic program (under certain circumstances), I am dissatisfied with the education I received, or I am unable to find employment after I graduate
- notifying my school and the Direct Loan Servicing Center if I:
- move/change my address
- change my name
- withdraw from school or drop below half-time enrollment
- transfer to another school
- fail to enroll or reenroll in school for the period for which the loan was intended
- change my expected date of graduation
Student Loan Ombudsman
If you have any concerns or disputes related to your student loan, it is very important you immediately contact the servicer of your loan. If after working with your servicer, lender, and guaranty agency, you are still unable to resolve the dispute, you may contact the U.S. Department of Education’s Office of the Ombudsman at:
Online assistance: http://www.ombudsman.ed.gov
Telephone: 1.877.557.2575 (toll free) or 202.377.3800
U.S. Department of Education
830 First Street, N.E.
Washington, D.C. 20202-5144