Consolidating student loans is a financial transaction, which means you’re responsible for upholding your end of the agreement. Similarly, the lending institution must also adhere to certain regulations. Here’s a breakdown of what you’re entitled to and what you’re responsible for. 




Your Rights
When you borrow money for student loans, you have a right to:
• Be informed of the various repayment options.
• Know the interest rate you’re being charged and what your balance is at any time.
• Receive a copy of your signed agreement.
• Get a full schedule of your payment deadlines.
• Repay the balance on all federal and some private loans without being charged early repayment fees.
• Decline any or all loans you qualify for.
• Use grace periods to try to secure alternate repayment agreements like forbearance (where you only pay interest for a certain period) or deferment, as well as repayment options based on your income.




Your Responsibilities
As a borrower, you must:
• Inform the lending institution when important personal information changes, including a name change after marriage and a new address.
• Notify your college if you turn down a portion (or all) of the loan for which you’ve been approved.
• Be counseled on critical information before federal loans such as the Stafford and Perkins are paid out.
• Repay all of your loans, regardless of your personal financial situation or whether you finish your degree.




All of these terms and conditions will be outlined in the loan documents you sign.