What document explains your rights and responsibilities as a federal student loan borrower and why it matters for repayment success.
Taking out a student loan feels like a huge step. For many students, it is the only way to afford college — but with that comes responsibility. If you are preparing to borrow or are already a federal student loan borrower, you may have wondered:
What document explains your rights and responsibilities as a federal student loan borrower?
The answer may surprise you. It’s not just one piece of paper but a combination of documents and counseling sessions that ensure you understand what you’re signing up for.
What Document Explains Your Rights and Responsibilities as a Federal Student Loan Borrower?
Understanding your rights and obligations helps you stay informed and confident throughout your loan repayment journey.
Learn about the key legal agreements, including the Master Promissory Note (MPN), which officially explains your rights and responsibilities.
Discover loan types that cover your entire education cost, including Direct PLUS Loans for parents and graduate students.
Find out who to reach out to when facing repayment issues — your loan servicer or the Federal Student Aid (FSA) helpline.
Understand how interest, fees, and missed payments can increase your total loan amount.
Explore strategies like early repayment, auto-debit discounts, and income-driven repayment plans.
Borrowers have both protections (such as deferment or forbearance options) and obligations (like timely repayment and keeping contact info updated).
Learn about loan forgiveness, default consequences, and how to stay informed through annual borrower communications.
The Master Promissory Note (MPN) — a legal document you sign before receiving your first loan. It outlines your rights, responsibilities, and repayment terms.
Subsidized Federal Student Loans cover your interest while you’re in school or during deferment.
What Document Explains Your Rights and Responsibilities as a Federal Student Loan Borrower?