A loan is a serious financial obligation entailing legalities stipulated within the Promissory Note. The Promissory Note is a legally binding contract and is evidence a borrower has received a loan. Borrowers are responsible to keep records regarding their loans until the debt has been paid in full. Borrowers are entitled to know the full amount of their loan, interest rate, and repayment schedule. Borrowers may be entitled to deferment, postponement, and cancellation of their loans if specified in their promissory note(s). This information, and much more, is provided during the exit interview process.