Student loan responsibilities

As the person who borrows money under the FFELP guidelines, you are responsible for knowing about loan conditions, disbursements and repayments. Taking out a loan is a big commitment. Loan counselling is critical for understanding your obligations, rights and options under the terms of your loan (refer to step 3 in the How to Apply section). Loan counselling is especially important for new students who often have little or no experience with repaying and managing debt. You should be aware of obligations such as:

1. Repaying your loan

   Your obligation to repay becomes legally binding when you sign the Master Promissory Note (MPN). Your requirement to repay does not go away because you:

   • Don't complete your educational program
   • Cannot find employment
   • Were not satisfied with the education or other services your received from the University
   • Were notified that your loan was sold to another party by your lender.
2. Paying on time

   You must make your payments on time unless you have made special arrangements with the lender. Many lenders offer repayment incentives to reward you for paying on time.

3. Making a minimum payment

   A minimum monthly loan payment is required. This minimum amount varies depending on the amount you borrow and your repayment plan.

4. Notifying Monash University and the lender about changes in any of the following:

   • Your current address / phone numbers / name
   • Your Social Security Number
   • Your enrolment status, i.e. withdrawal from university or dropping below full-time
   • Your anticipated graduation date
   • Your driver's license number
   • Your referees
   • Your permanent address
   • Your expected employer

5. Maintaining satisfactory academic progress.

6. Completing an Exit Counselling Interview before you leave University or graduate. This counselling will cover repayment options, deferments and other important information you may need during your repayment term. You will also need to provide the name and address of your closest living relative and two references (not the same as your closest living relative) with different addresses.

You should also remember to ensure you have sufficient funds to cover accommodation, books and all personal expenses for at least the first six weeks of semester in the event that there is some delay in your financial aid arriving from the U.S.