
Student Borrower Rights and Responsibilities Form Stony Brook Stonybrook
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People also ask
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What are and responsibilities as a federal student loan borrower?
You MUST make your federal student loan payments on time and they must be paid in full. It is your responsibility to make the payments even if you do NOT receive a notice from a servicer. That is why it is so important that you always keep your contact information current with your servicer.
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What documentary explains your rights and responsibilities as a federal student loan borrower?
Promissory Note The binding legal document that you must sign when you get a federal student loan. It lists the terms and conditions under which you agree to repay the loan and explains your rights and responsibilities as a borrower.
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What are the rights and responsibilities as a federal student loan borrower?
As a student borrower, you have the right to: Be notified if your lender sells or transfers your loan and have new servicer contact information provided to you. Prepay all or part of your loan at any time without penalty. Defer repayment for specific time period, if you qualify. Request forbearance.
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What documents explains your rights and responsibilities as a student loan borrower?
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
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What are the responsibilities of a borrower of a loan?
Make your payments on time. Notify the holder of your loan immediately if you change your address, name, or any contact information. Contact your lender to apply for a deferment or forbearance if you are experiencing financial problems and cannot make your payments.
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What are your responsibilities when you take out a student loan?
You are required to make payments on time even if you don't receive a bill, repayment notice, or a reminder. You must pay the full amount required by your repayment plan, as partial payments do not fulfill your obligation to repay your student loan on time. Keep in touch with your loan servicer.
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Does Stony Brook give aid?
Offered scholarships will be part of the complete financial aid award package, which cannot exceed the budgeted cost of attendance. Scholarships can be applied to any of the costs associated with a student's Stony Brook education and need not be used for tuition only.
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What are your responsibilities when you take out a student loan?
You are required to make payments on time even if you don't receive a bill, repayment notice, or a reminder. You must pay the full amount required by your repayment plan, as partial payments do not fulfill your obligation to repay your student loan on time. Keep in touch with your loan servicer.
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