Opportunity to cast a vote for/against – Student’s Bill of Rights
“Students have a right to …
1. Pay off college loans early without incurring an early-repayment charge. Yes No
2. Cancel a private loan within three days of signing an agreement with a lender. Yes No
3. Take 30 days after approval for a private loan to think about whether the loan is needed without risking changes to the loan terms. Yes No
4. Take out a loan from the lender of a student’s choice, regardless of whether that lender is on a student’s college list of “preferred lenders.” Yes No
5. Know if he/she is eligible for a federal student loan before he/she takes out a private student loan that could carry higher interest rates and fees and feature more stringent repayment requirements. Yes No
6. Clear and complete information from lending companies trying to earn business. This information includes the interest rates a student could pay, the estimated total cost of a student and repayment options. Yes No
7. Clear and complete information from lending companies that have approved a loan or made a loan to a student. This information includes interest rates, fees and finance charges, total repayment amount and maximum monthly payment. Yes No
8. Know that the student financial aid office does not accept gifts from or share revenues with lending companies. Yes No
9. Not be subject to deceptive marketing campaigns by lending companies. Yes No
10. Know that the student financial aid office and lenders offering both federal and private student loans are acting in the best interests of students.” Yes No