Borrower Rights & Responsibilities
Before you consolidate, know your rights and responsibilities as a borrower. We’ll tell you what you’re entitled to and what’s expected of you when working with Ezstudentloanconsolidation.com.
Borrower Rights
When you use simple student loan consolidation, you have certain rights as a borrower. Here are some of these rights:
- Before you enter the repayment period of your loans, your lender must supply you with a repayment schedule and detailed information about fees, interest rates, your outstanding balance, and repayment options
- You might be eligible to repay on an income-based or graduated schedule
- You have the right to defer your payments for a limited period or request forbearance, if you qualify
- With most private and federal loans, you can make additional payments or prepay in full without any penalties
- You should be notified when your loan is paid in full
Borrower Responsibilities
Simple student loan consolidation also comes with certain responsibilities for you, the borrower:
- You have to repay your loans even if you don’t finish school or find a job
- If you request forbearance or deferment benefits, you must continue making scheduled payments until your loan is officially placed in deferment or forbearance
- Notify your lender immediately of any changes in your name, address, phone number, social security number, or employer