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Borrower Bill of Rights

The Student Borrower Bill of Rights* includes the following rights:

To unbiased advice about loans and lenders from the BCC Financial Aid Office.

  • To choose the lender, even if the lender is not included on BCC's published lender list.
  • To know what criteria BCC uses to select lenders whose names it lists for student use.
  • To know whether the published lenders are paying BCC or the financial aid staff.
  • To know what benefits or rate discounts lenders offer, and whether those benefits or discounts will be made immediately available, or only after a certain number of consecutive timely payments.
  • To know if a lender has agreed to sell its loans to another lender.
  • To know whether borrower benefits and discounts will continue if the loan is sold.
  • To know the interest rate for the loan before borrowing.
  • To exhaust federal borrowing options before turning to higher cost private loans.

*This nine-point "Student Bill of Rights" was part of the Student Lending Accountability, Transparency and Enforcement Act adopted by the New York State Legislature in May 2007, and made public by the Associated Press on May 24, 2007.