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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