Loans Exit Counseling
Loan Exit Counseling
Quick Links for Exit Counseling
What is Exit Loan Counseling?
Exit Loan Counseling is a required counseling session when a student gets ready to graduate, enrollment drops below half time (below 6 hours) or leaves school to advise the student of their rights and responsibilities of borrowing educational loans. Exit loan counseling is a requirement to keep Stafford loan eligibility for a student who plans to return to school in an up-coming semester. Completing Exit loan counseling does NOT put a student in repayment.
- An explanation of the use of an MPN
- The importance of the repayment obligation
- A description of the consequences of default
- Discuss debt management strategies
- Review Forbearance, deferment, and cancellation options
- Providing sample repayment schedules
- Familiarization with a borrower’s rights and responsibilities as well as other terms and conditions
- Reminder of funds borrowed
- List of the student loan lenders and contact with National Student Loan Data System online or calling 1-800-4-FED-AID
- Receive average anticipated monthly repayment amount