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Rights & Responsibilities of Borrowers

  • Your Rights and Responsibilities as a Borrower

    I have the right to:

    • written information on my loan obligations;
    • written information on my rights and responsibilities as a borrower;
    • a copy of my Master Promissory Note (MPN) either before or at the time my loan is disbursed;
    • a grace period and an explanation of what this means;
    • notification, if the Department transfers your loan to another servicer without your consent;
    • to receive a disclosure statement before I begin to repay my loan that includes
      • information about interest rates,
      • fees,
      • the balance I owe, and
      • a loan repayment schedule;
    • deferment or forbearance of repayment for certain defined periods, if I qualify and if I request it;
    • prepay my loan in whole or in part anytime without an early-repayment penalty; and
    • documentation when my loan is paid in full.

    I am responsible for:

    • completing exit counseling before I leave school or drop below half-time enrollment;
    • repaying my loan according to my repayment schedule even if
      • I do not complete my academic program,
      • I am dissatisfied with the education I received, or
      • I am unable to find employment after I graduate;
    • notifying my lender or loan servicer if I
      • move or change my address,
      • change my telephone number,
      • change my name,
      • change my Social Security number, or
      • change employers or my employer’s address or telephone number changes;
    • making monthly payments on my loan after my grace period ends (unless I have a deferment or forbearance); 
    • notifying my lender or loan servicer of anything that might alter my eligibility for an existing deferment or forbearance.
  • Need Help?

    Financial Aid - Visit Us

    City Campus
    Student Support Center - Room O102A
    45 Oak Street
    Buffalo, NY 14203
    M8 a.m. - 6 p.m.
    Tu-Th8 a.m. - 4 p.m.
    Fri8 a.m. - 2 p.m.
    North Campus
    Spring Student Center - Room S201
    6205 Main Street
    Williamsville, NY 14221
    M, W, Th, and F8 a.m. - 4 p.m.
    Tu8 a.m. - 6 p.m.
    South Campus
    Building 5 - Room 5206
    4041 Southwestern Blvd.
    Orchard Park, NY 14127
    M, Tu, Th, and F8 a.m. - 4 p.m.
    W8 a.m. - 6 p.m.