When a student signs up for a government student loan consolidation they have certain responsibilities.

First off, if the student does not repay the loan on time or according to the terms in the promissory note, the student could be subject to default on the legal obligation, which will most likely affect the student's credit score and has other serious consequences. A promissory note is a written promise to pay at a fixed or determinable future time a sum of money to a specified individual or to the bearer. When the student signs the promissory note it means that they agree to repay the student loan. Furthermore, the student is agreeing to the terms set forth on the note. Except in cases of loan discharge, the note states that you must repay the loan, even if you do not complete your education. One important exception to this rule, if the school closes you are not responsible for the loan, this has been the case with many of the schools in the gulf coast region. Since, many schools remain closed in the wake of hurricanes Katrina and Rita.

Not being able to find a job after graduation or not liking the education provided by the school has no bearing on the student's commitment to repay their student debt. The quality of education and job placement in the student's field of study is not guaranteed by the United States Department of Education.

Second, students are obligated to make payments regardless whether or not they receive a bill or payment notices. Coupon books and bill statements are sent to students as a convenience. The student must make payments if they do not receive any reminders at all. In order to for the student to fulfill their obligation to repaying their student loan on time, all payments must be made in full. Partial payments do not meet the requirements as set forth in the promissory note.

The student must continue to repay their loans while they are waiting for deferment, forbearance, or a loan discharge. If the student applies for deferment, forbearance, or a discharge of a loan, they must continue to make payments until notified that the request has been approved. Failure to do so may put he government student loan in default. Students should keep a record of all contact they have with their lending institution or services provider, and keep copies of any request forms that are submitted.

Lastly, it is the obligation of the student to report to the lender or loan servicing agency when they graduate. This is also true when a student withdraws from school or drops below half time status. Half time status is six credits per semester. The student must also notify the lender or servicer if they change their name, address, or social security number. If the student transfers to another school they must notify their lender or loan servicing agency.

In short, students should stay in touch with their lender or service agency and ask a lot of questions.