Borrower Rights in the William D. Ford Federal Direct Loan Program
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As a federal student loan borrower, you have the right to: - Know the interest rate you will be charged on your student loan
- Know the date you must start repaying the loan based on the anticipated graduation date recorded on your promissory note
- A complete list of any charges you must pay (loan fees) and information on how those charges are collected
- Return all or part of your loan disbursement within a limited amount of time during the loan period to cancel the returned portion of the loan without penalty
- Information about the maximum and minimum repayment amounts allowed by law
- An explanation of what constitutes a student loan default and its consequences
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