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Guarantors and Lenders

Guarantors

A guarantor or guaranty agency confirms your eligibility for a federal loan and provides the insurance for the loans. If you do not repay your loan, the guarantor will pay the lender with funds received from the US federal government and collect the balance from you.

Monash University works closely with American Student Assistance (ASA) who provide a free guarantee service. Alternatively, you may choose any US state guaranty agency.

Lenders

A lender provides the loan funds. The lender may be a bank or other financial institution. The lender sends the money to the university and may sell or transfer your loan to another lender. If this happens, the terms of your loan will not change and the lender or new loan holder will notify you.

EdFund have an online database of lenders. Remember to ask for the lender code when you find a lender.

If you received federal loans previously, you may wish to stay with the same lender. It is wise to shop around for a loan to make an educated decision. Be sure to ask about interest rates, repayment plans, repayment incentives, customer service, economic hardship policies, one-time capitalization and likelihood of your loan being sold.