the references are not cosigners so they would have no obligation of repayment if you were to default on your loans. i'm not sure if mine were ever called or not. when you choose a lender you are only stating which bank you would like to get your money from. you do not have to ever contact the bank regarding the loan. when I was in school I chose tcf bank since I was a customer of theirs already and graduated 5 yrs ago. my loans have since went into repayment and I still have yet to contact them. My loans are going through salliemae for payment even though my lender was tcf.
if you have any questions, send me an email and I can go over more with you.
I think the only obligations your references have, is to help the government track you down, if you default on your loans. Make sure you don't skip out on your repayment!
I believe you just choose your lender, and the rest gets taken care of from there. When I was in school, the bank would send the school my loan money. The loan money would get applied to tuition, and any left over would be returned to me (through a school check).
It gets easier after your first year doing this! :)
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