To ensure you are borrowing wisely, follow these steps before taking out a loan:

1. Exhaust all other types of financial aid available to you
   • Institutional Aid, State aid, Federal Work Study, and Scholarships
2. Know what your expenses are so that you only borrow what you need
   • You are not required to borrow the entire loan amount you are eligible for
3. Keep track of any previous federal loans you have borrowed by creating an account on the National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is the US Department of Education's central record for federal student aid. This record contains data from schools, the Federal Direct Loan Program, and other federal financial aid programs. You can see the following on NSLDS:

• A snapshot of all your federal loan and grant data
• What type of loans you have taken out
• The original amount borrowed for each loan
• Current loan balances and statuses
• Which loan servicer holds each loan

A loan servicer is a company responsible for collecting payments on a loan, responding to customer inquiries, and performing administrative tasks related to student loans. You will be contacted be a loan servicer for some of the following reasons:

• Informing you that your student loan will soon be going into repayment
• Sending you your loan repayment billing statement each month

Prior to going into repayment for your student loan, it is recommended to contact your loan servicer to go over your repayment options.

To ensure you are on top of your student loans, it is your responsibility as a student loan borrower to do the following:

• Stay up to date with your loan information
• Repay your student loan(s)
  • Regardless of whether or not you graduated, felt satisfied with your education, or found a job, you signed a Master Promissory Note (MPN) loan agreement, which is a legally binding contract in which you agreed to repay your loan(s)
• Maintain contact with your loan servicer and update them when your contact information changes, such as your address, phone number, or email

Although you have responsibilities as a loan borrower, you also have rights that will allow you to successfully manage your loan debt. These rights include:

• The right to temporarily stop loan repayment with either a deferment or forbearance
• The right to reduce your monthly payment amount by switching your repayment plan
• Depending on your financial circumstances and other conditions, the right to cancellation, discharge, or forgiveness of your student loan