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
  • ensure the Study Abroad/Exchange institution is Title IV eligible if you plan to take Study Abroad/Exchange while receiving the federal student loan at Monash
  • 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.

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