Rights & Responsibilities for Student Loan Borrowers

Your Rights as a Student Loan Borrower

  • 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.

Your Responsibilities as a Student Loan Borrower

  • 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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