Your rights as a borrower

• Before you begin to repay your student loan, your loan holder must provide a repayment schedule and detailed information about interest rates, fees, the balance you owe, and your repayment options.
• You have a right to defer payments for certain defined periods or to request forbearance, if you qualify.
• You may be eligible to repay under a graduated or income-based schedule.
• For federal and most private student loans, you may prepay in full or in part at any time without penalty.
• You will be notified when your loan is paid in full.

Your responsibilities as a borrower

• You must repay your student loans (including interest, insurance, or origination fees) on time even if you don't finish your education, don't get a job, or don't feel satisfied with the education you receive.
• If you request deferment or forbearance, you must continue to make scheduled payments until your student loan is placed in deferment or forbearance. Sallie Mae customers may view their loan status at Manage Your Loans.
• You must notify your student loan holder or servicer immediately of any change to your name, address, telephone number, employer, or Social Security number.

Refer to your promissory note for a complete list of borrower rights and responsibilities for your student loan(s).

Exit counseling

Federal regulations require that institutions offer exit counseling to federal student loan borrowers who are leaving school or dropping below half-time enrollment. Exit counseling covers:

• Borrower's rights and responsibilities
• Loan repayment
• Consequences of default

During exit counseling, borrowers are also required to provide updated personal information, such as address, telephone number, and employment.

Schools must keep documentation that shows that the borrower received the required exit counseling, either in person or by mail.

If a borrower withdraws from school without the school’s knowledge, or if a borrower fails to attend a scheduled exit counseling session, the school must mail written exit counseling materials to the borrower at his or her last known address.