Before you take out a loan, particularly one offered by a vocational school, make sure you get the following information from the school and the lender about:
  • Loan limits, loan fees, and interest rates
  • Loan consolidation and refinancing
  • When you can postpone repayment of your loan and provisions for loan cancellation;
  • Estimated monthly repayment amounts
  • Consequences of failing to repay your loan on time
  • Your rights and responsibilities as a borrower

You should be aware that when you sign for a student loan, you must repay that loan according to the terms of the loan contract. This applies even if you do not finish the course or are not satisfied with the program.