What You Should Expect from the US Government 

Master Promissory Note - When you decide to enter into an agreement with the US Government for your student loan, you sign a Master Promissory Note (MPN). This document explains the terms and conditions of your loan in full detail. It also serves as the legal document requiring you to repay the loan with interest. Read through the entire promissory note before you sign it and make sure you understand your rights and responsibilities. The MPN (either paper or electronic) is only valid for a maximum of one year if you are attending an institution outside the U.S.

Disclosure Statement - The US Government provides you with a disclosure statement before or at the time your loan is disbursed. This document states the amount of your loan (principal), and any fees deducted from the principal. It also discloses the interest rate, the annual percentage rate, and an estimate of the total amount you will have to repay (including the total amount of interest based on a Standard Repayment plan). Be sure you receive this from your lender and keep it safe in your files.

Repayment Schedule - During your grace period, your lender or servicer will send you a detailed Repayment Schedule. This document states the number and amount of monthly payments and the date when the first payment is due. At the same time, you will receive information about other repayment options.

Notification of Loan Transfer - If your loan is transfered to another servicer and it changes where your loan payments are sent, you will receive a Notification of Loan Transfer. This document contains addresses, phone numbers, and other information needed to make payments and keep in touch with the new lender or servicer of the loan. The terms of your loan will not change if your loan is sold or transferred.