Rights and Responsibilities

Student loan borrowers have rights to the following:

• written information on his/her loan obligations.
• a grace period (6-months for Stafford loan borrowers).
• a disclosure statement, received before he/she begins repayment. This will include information about his/her interest rate, fees, the balance owed, the amount of payments, and the number of payments.
• deferment of repayment for certain defined periods (if requested and if he/she qualifies).
• forbearance (if requested and if he/she qualifies).
• prepayment of his/her loan in whole or in part any time without an early-repayment penalty.
• a copy of his/her promissory note.
• documentation that his/her loans are paid in full.

Student loan borrowers have the following responsibilities:

• to complete an Entrance Interview before receiving his/her first loan disbursement at Baker College.
• to complete an Exit Interview before leaving school or dropping below half-time enrollment.
• to repay the loan even if he/she does not complete his/her academic program, is dissatisfied with the education received, or unable to find employment after graduation.
• to notify the school and the lender or servicer of the following:
  • name changes
  • address changes
  • phone number changes
  • withdrawal from school or drop below half-time enrollment
  • transfer to another school
  • failure to enroll in school for the period for which the loan was intended
  • expected graduation date changes graduation
• to make monthly payments on his/her loan after leaving school (except during periods of deferment or forbearance).
• to notify the lender or servicer of anything that may alter his/her eligibility for an existing deferment.