The document that explains your rights and responsibilities as a federal student loan borrower is called the Master Promissory Note (MPN). The MPN is a legally binding agreement between you and the U.S. Department of Education in which you promise to repay your loan(s) along with any accrued interest and fees. It outlines the terms and conditions of your loan, including your rights and responsibilities as a borrower. This document covers important details such as interest calculation, loan fees, repayment schedules, deferment and forbearance options, and your obligations to notify your loan servicer about changes in your enrollment status, contact information, or other relevant circumstances

. In summary, the MPN:

• Provides a detailed explanation of your loan terms and repayment obligations.
• Explains your rights, such as the ability to prepay without penalty, defer payments under qualifying conditions, and receive notifications if your loan is transferred.
• Lists your responsibilities, including timely repayment regardless of graduation status or employment, and keeping your loan servicer informed of any changes in your personal or enrollment information.

Therefore, the Master Promissory Note (MPN) is the key document that formally explains your rights and responsibilities as a federal student loan borrower.