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
