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Successful Repayment

When you borrow federal money for college, you enter into a formal contract to repay that money. Like with any contract, it is important to know what rights and responsibilities go along with it.

Your Rights

As a federal student loan borrower, you are entitled to options that can help you manage your education debt and achieve overall financial wellness.

Your Responsibilities

Simply put, you are responsible for repaying your loan—no matter what. You must also inform your lender and your school when you:

  • Change your home address, telephone number, or email address.
  • Change your name (e.g., maiden name to married name).
  • Withdraw from school, change schools, or reduce your enrollment to less than half-time.
  • Change your employer, or if your employer’s address or telephone number changes.
  • Have any other change in status that would affect your loan (e.g., if you find a job and become ineligible for an unemployment deferment).

You must also notify your school’s financial aid office if:

  • You withdraw from school, stop attending classes, or fail to re-enroll for any term.
  • There is a change in your expected graduation date.

Learn More About Student Loan Repayment