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Borrower's Rights and Responsibilities


Remember that the Master Promissory Note (MPN) certifies your loans for the maximum amount you are eligible to borrow. Because you may accrue debt with each year of your education, you should be certain that you need the full amount of your education loan each year. You can accept, reduce, or decline your loan amount each year.

You are required to repay education loans, even if you do not finish your academic program or your academic program does not meet your expectations.

You are responsible for notifying your school and lender if you have received student loans from more than one lender.

You must use money received from education loans for education-related expenses only.

You must notify your lender in writing of:
• Name or address changes.
• Failure to enroll at IUPUI.
• Failure to enroll on at least a half-time basis or for the loan period certified.
• Withdrawal from school or reduction of attendance to less than half-time.
• Transfer from one school to another.
• Graduation.

If you meet the eligibility requirements, you have a right to repayment deferments, which suspend principal loan payments