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US loan responsibilities

When you obtain a federal student loan, you have the following responsibilities:

  • Don't borrow more than you are able to repay
  • Agree to repay the loan even if you do not complete your studies or find employment (by signing a promissory note)
  • Maintain satisfactory academic progress
  • Make timely minimum monthly payments even if you do not receive a bill or repayment notice
  • Continue to pay while waiting for deferment, forbearance or discharge approval
  • Notify your lender or loan servicing agency when you graduate, withdraw from school, drop below half-time enrolment status, transfer to another school or there are changes to your personal details
  • Complete the loan exit counselling before you leave school