"To repay the obligation" means to fulfill or honor a commitment or responsibility that you owe to someone. It involves taking action or making a payment to settle a debt or fulfill a promise. Full definition
It's due to the variety of terms and the fact that the debtor should only repay the obligations on the amount he actually borrows, unlike the case with the home equity loans. (personalmoneyservice.com)
The degree of impact depends on whether you are repaying the obligation now, or waiting until after you graduate. (growingfamilybenefits.com)