Student Loan Responsibilities
We don’t mean to sound like stern parents or doomsayers, but we still feel the responsibility as a content provider to make a few comments about student loan responsibilities.
Student loans, like other loans, are promissory notes. When you sign for these loans, you are promising to repay the amount borrowed. With very few exceptions (one that comes to mind is if your school closes and you are unable to finish your education), you must make full monthly payments until the loans are repaid in full. In other words, you may drop out of school, you may not be satisfied with your education, or you may not be able to secure employment, but you will be required to make the full monthly payments to avoid default. (Partial payments will not prevent you from defaulting on your student loans.) For all of these reasons, it is important that you can consider your post graduation ability to repay your debts. This may sound silly, but some of the smartest people we know never gave this concept a thought when they took out their student loans. There’s a good chance you, or someone in your family, knows similar types of acquaintances.
If you submit any request forms, you should document these, as well as all other contacts you make, with your loan holder(s). You must also notify the creditor(s) when you graduate, withdraw from school, drop below half time status; change your name, address, or Social Security Number; or transfer to another school.
While most creditors will send you monthly statements or coupon books, you are responsible for making your payments even if you do not receive these conveniences. Finally, you are responsible for making full monthly payments even if you apply for deferment or forbearance — until such deferment or forbearance is approved.