Rights & Responsibilities for Student Loan Borrowers

You may accept all, some or none of the student loan funds offered.
You are entitled to a copy of your master promissory note (which outlines the terms and conditions of your student loan) before or after the student loan is made.
Your loan holder is required to gibe you a payment schedule as well as detailed information about interest rates, fees, loan balance and payment options before you begin.
if you qualify, you have a right to defer payments for certain defined periods or request a forbearance.
You may be eligible to repay your student loan under a graduated extended or income based repayment plan.
You may be eligible for federal loan forgiveness or discharge in certain circumstances such as employment in public service or total and permanent disability.
For federal student loan and most private student loans, you may prepay in full or in part at any time without penalty.

You should borrow only what you need and consider the earnings potential in your chosen profession to determine how easily you can repay your student loan debt.
You must notify us if you want to borrow less than the amount you accepted or certified.
You must repay your student loans on time and in full even if you do not finish your education, get a job or feel satisficed with the education you received,
You must immediately notify your student loan holder or servicer of any change to your name, address, telephone number or Social Security number.
You must make scheduled monthly payments even if you do not receive a bill.
First-time Direct Subsidized/Unsubsidized Student Loan borrowers must complete entrance counseling and the master promissory note before funds can be disbursed. There is a 30 delay disbursement for first-time student loan borrowers from the first date attended during that aid year.
You are required to complete exit counseling when you stop attending Umpqua Community College or are attending less than half-time.

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