When obtaining financial aid, it’s important to always abide by the rights and responsibilities put forth by federal regulations. Please be aware of all points below before accepting loan funding.

Borrower Rights:

  • You may accept all, some or none of the loan funds offered.
  • You are entitled to a copy of your promissory note, which outlines the terms and conditions of your loan, and will receive it before or after the loan is made.
  • Before you begin to repay, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe and your repayment options.
  • You have a right to defer payments for certain defined periods or to request forbearance, if you qualify.
  • You may be eligible to repay under a graduated or income-based repayment plan.
  • You may prepay your loan in whole or in part at any time without penalty.

Borrower Responsibilities:

  • You must notify your school if you want to borrow less than the amount that has been awarded.
  • You must repay your loans on time and in full even if you do not finish your education, get a job or feel satisfied with the education you received.
  • You must notify your loan holder or servicer immediately of any change to your name, address, telephone number or Social Security Number.
  • You must make scheduled monthly payments even if you do not receive a bill or coupon booklet.
  • First-time borrowers must complete entrance counseling before funds can be disbursed.

For more information about borrower rights and responsibilities, please contact Financial Aid at 602.682.6800 or by email at financialaid@azsummitlaw.edu.