What Document Explains Rights And Responsibilities As A Federal Student Loan Borrower

The document that explains the rights and responsibilities of federal student loan borrowers is called the "Master Promissory Note" (MPN).

The MPN is a legally binding document that borrowers sign when they take out a federal student loan. It outlines the terms and conditions of the loan, including the interest rate, repayment options, deferment and forbearance provisions, and borrower responsibilities.

In addition to the MPN, borrowers are also provided with loan counseling materials, such as entrance counseling before receiving their first loan disbursement and exit counseling when leaving school or dropping below half-time enrollment. These counseling sessions cover important information about managing student loan debt, repayment options, rights and responsibilities, and loan forgiveness programs.

The U.S. Department of Education also provides resources and guidance on its website to help borrowers understand their rights and responsibilities as federal student loan borrowers. These resources include information about repayment plans, loan consolidation, loan forgiveness programs, and options for avoiding default.