As a private loan borrower you have certain rights, including the right to know all of the particulars about your loan—specifics on when you will start to pay it, who owns your loan, options during repayment and much more. Naturally, whenever you borrow money, you are bound by all of the terms and provisions of the loan document.

YOUR RESPONSIBILITIES AS A BORROWER

• You must repay your loans (including interest, insurance, or origination fees) on time even if you don't finish your education, don't get a job, or don't feel satisfied with the education you receive.
  
  
• If you request forbearance, you must continue to make scheduled payments until your loan is placed in forbearance.
  
  
• You must notify your loan holder or servicer immediately of any change to your name, address, telephone number, employer, or Social Security number.