what document explains your rights and responsibilities as a federal student loan borrower?

The document that explains your rights and responsibilities as a federal student loan borrower is your Master Promissory Note (MPN).

Quick Scoop: The One Document That Rules Your Loan

When you take out a federal student loan, you sign a Master Promissory Note. This is a legal contract where you promise to repay the loan, and it also spells out:

• Your rights (like access to grace periods, deferment/forbearance options, and information about your loan terms).
• Your responsibilities (like repaying the loan even if you don’t graduate or can’t find a job, and keeping your servicer updated with your contact information).

Many schools and financial aid offices also describe borrower rights and responsibilities on their websites and in entrance/exit counseling, but the official document that explains them is the Master Promissory Note (MPN).