Everyone who receives a student loan is required to sign a promissory note agreeing to the terms of the loan. This document is legally binding and should be kept in a safe place by you. This will explain all of the information regarding your student loan including repayment terms. It also will have information on it regarding the interest rate and options for the future in the event you are unable to make a payment (deferment and forbearance). Donít take the student loan promissory note lightly. It obligates you to repay your student loans.
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|Jennifer Mathes, Ph.D.|