You have certain rights as a borrower; this will help when you go to consolidate student loan debt.

Before your school makes the first loan disbursement, you'll receive the following information about your loan from your school, lender, and/or the Direct Loan Servicing Center:

• the total amount of the loan;
• the interest rate;
• the date you must start repaying the loan which is based on the anticipated graduation date recorded on the promissory note;
• a complete list of any charges you must pay and information on how those charges are collected;
• information about the yearly and total amounts you can borrow;
• information about the maximum repayment periods and the minimum repayment amount;
• an explanation about the consequences of defaulting on your loans;
• an explanation on how to consolidate student loan debt; and
• a statement that you can prepay your loan at any time without penalty.

Your school must notify you or your parents for a PLUS Loan in writing whenever it credits your account with Stafford Loan, PLUS Loan, or Perkins Loan funds. This notification must be sent no earlier than 30 days before and no later than 30 days after the school credits your account. You, or your parents for a PLUS Loan, may cancel all or a portion of the loan by informing your school within 14 days after the date that your school sends this notice, or by the first day of the payment period, whichever is later. Your school can tell you the first day of your payment period. If you or your parents receive loan funds directly by check, the funds may be refused by returning the check.

Before you leave school, you'll receive the following information about your loan from your school, lender, and/or the Direct Loan Servicing Center:

• the amount of your total debt, principle and estimated interest, what your interest rate is, and the total interest charges on your loan;
• if you have Federal Family Education Loans, the name of the lender or agency that holds your loans, where to send your payments, and where to write or call if you have questions;
• if you have Direct Loans, the address and telephone number of the Direct Loan Servicing Center;
• an explanation of the fees you might be charged during the repayment period, such as late charges and collection or litigation costs if you're delinquent or in default;
• an explanation on how to consolidate student loan debt; and
• a statement that you can prepay your loan without penalty at any time.

If you borrow a Federal Perkins Loan, your school will provide this information to you. If you borrow a Direct Loan or a Federal Family Education Loan, the Direct Loan Servicing Center or your lender will provide this information to you, as appropriate.

If you have Direct or Federal Family Education Loans or Stafford loans, your school will also provide you with the following information during your exit counseling session:

• a current description of your loans, including average monthly anticipated payments;
• a description of applicable deferment, forbearance, and discharge provisions;
• options for repayment ;
• advice about debt management that will help you in making your payments; and
• notification that you must provide your expected permanent address, the name and address of your expected employer, and any corrections to your school's records concerning your name, Social Security Number, references, and driver's license number.

You have the right to a grace period before your repayment period begins. Plus loans however have no grace period. Your grace period begins when you leave school, the last day of classes not the graduation date or drop below half time status.

Your school, lender, and/or the Direct Loan Servicing Center, as appropriate, must give you a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.

You must be given a summary of deferment and cancellation provisions, including the conditions under which the U.S. Department of Defense might repay your loan.