Loan Exit Counseling
Loan Exit Counseling
When you graduate or if you drop below half-time (6 credits) enrollment for more than six months, Federal Student Aid rules require that you complete Loan Exit Counseling
Loan Exit Counseling is completed by going to www.studentaid.gov
Completing this session will give you information about the following:
- Rights and Responsibilities
- Types of Repayments
- Deferments and Forbearance
- Delinquency and Default Status
- Loan Forgiveness
- Your Loan Servicer
Loan Payments
You will have a six month grace period before your initial loan payments begin.
If you received a Federal Direct Unsubsidized Loan, the interest began accruing on it when it was disbursed. When the loan goes into repayment after the six month grace period, if the interest is not paid up, it will be added onto the principal of the loan. You can make payments on the accrued interest during the six month grace period through your assigned loan servicer.
Your loan balances and your assigned loan servicer are listed on your studentaid.gov dashboard, simply login in with your FSA ID and password.
If you change your name, permanent address, or other contact information, update your FSA ID information at studentaid.gov and with your loan servicer.
Even if you are enrolling at another college, you still need to complete the Loan Exit Counseling. If you do return to school at least half-time (6 credit enrollment), whether at Riverland or another school, you could have your loan(s) set to an in-school deferment status. This will need to be done through your loan servicer.
Confirmation
Once you have successfully completed the online Loan Exit Counseling, you will receive a confirmation page. The Financial Aid Office will also receive electronic confirmation that you have completed it.