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Borrower Rights and Responsibilities

When you take out a loan, you sign a promissory note, and you must be given a copy of the completed note. The original note must be returned to you when the loan is paid in full. Before your loan is submitted, you will be given entrance counseling, and you will be provided the following information about your loan:

Before your repayment period begins, International Business College and the Lender must notify you of the following:

If you are willing but unable to meet your repayment schedule and are not eligible for a deferment, you may request forbearance. Forbearance means permitting payments to be stopped temporarily, allowing an extension of time for making payments or making smaller payments than were originally scheduled. Your lender does not have to grant you forbearance or delay in a repayment.

With Stafford subsidized loans, you have a right to federal interest benefits. This means that the Federal Government will pay the interest on your subsidized loan until your repayment period begins. They will also pay during authorized deferment periods. You must arrange with the lender to pay the interest on your Stafford loan if you don’t qualify for federal interest benefits.

If you have a Stafford Loan and the lender sells the loan or transfers the right to receive payment, you must be notified.

Contact Us

International Business College
Main: (915) 859-0422
Branch: (915) 842-0422