As a federal student loan borrower, your rights and responsibilities are outlined in several key documents provided by the U.S. Department of Education. These documents help borrowers understand their obligations, repayment options, and rights under federal student loan programs. Here are the primary documents that explain your rights and responsibilities:

  1. Master Promissory Note (MPN): The Master Promissory Note is a legal document that outlines the terms and conditions of your federal student loan(s). By signing the MPN, you agree to repay the loan(s) according to the terms specified, including interest rates, repayment options, and borrower benefits. The MPN also explains your rights as a borrower, such as the right to deferment, forbearance, and loan forgiveness programs.

  2. Entrance Counseling: Before receiving a federal student loan, you are required to complete entrance counseling, which provides information about your rights and responsibilities as a borrower. Entrance counseling covers topics such as loan repayment, interest accrual, loan forgiveness options, and the consequences of default.

  3. Exit Counseling: When you graduate, leave school, or drop below half-time enrollment, you are required to complete exit counseling. Exit counseling provides information about loan repayment, including repayment options, loan consolidation, deferment, forbearance, and loan forgiveness programs. It also explains your rights and responsibilities as a borrower after leaving school.

  4. Loan Disclosure Statements: When you receive a federal student loan, you will receive a loan disclosure statement that provides detailed information about the terms of the loan, including the loan amount, interest rate, fees, repayment schedule, and total loan cost. This document helps you understand the financial commitment you are making and your obligations as a borrower.

  5. Federal Student Aid (FSA) Website: The Federal Student Aid website (studentaid.gov) is a valuable resource for federal student loan borrowers. The website provides comprehensive information about federal student aid programs, including your rights and responsibilities as a borrower, repayment options, loan forgiveness programs, and resources for managing your student loans.

It's essential to carefully review and understand these documents to ensure that you meet your obligations as a federal student loan borrower and take advantage of the rights and benefits available to you. If you have any questions or concerns about your federal student loans, you can contact your loan servicer or the Federal Student Aid Information Center for assistance