understanding Exit counseling

understanding Exit counseling

Federal loan exit guidance provides information to prepare one to repay your federal figuratively speaking. Each time you: drop below half-time enrollment, graduate or leave school for subsidized and unsubsidized loans, you must complete exit counseling.

Exit guidance describes your legal rights and duties as pupil loan debtor and offers:

  • Your loan that is outstanding stability
  • An believed payment per month quantity
  • A conclusion associated with the repayment that is various
  • Advantages and disadvantages of loan consolidation
  • Information regarding loan forgiveness, deferments, and forbearance

The type(s) of loan exit guidance you have to finish is dependent upon which federal loan( that is educational) you have got lent.

Financial A

Virginia Western will not immediately award Federal Direct Student Loans. Students whom desires to get a Direct scholar Loan must submit a Federal Direct scholar Loan Request Form (PDF).

For extra information about Direct Loans (including interest that is current), visit https: //studentloans.gov/myDirectLoan/index. Action or perhaps the educational funding workplace.

For informative data on consolidating a preexisting Stafford Loan with a Direct Loan, visit https: //studentaid. Ed.gov/sa/repay-loans/consolidation or call 800-557-7392 (TDD/TTY: 800-557-7395).

Student Education Loans

To request a Direct scholar Loan, pupils must meet up with the exact same eligibility that is basic as other detailed school funding and sign up for no less than 6 monetary aid-eligible credits.

  1. Complete A free Application for Federal Student help or Renewal Application.
  2. If you should be a first-time Direct Loan borrower and have perhaps perhaps not gotten a Stafford Loan, complete Direct scholar Loan Entrance Counseling.
    If you’re a first-time debtor, you need to additionally review this document about subsidized loan restrictions through the United States Department of Education: Direct Subsidized Loan Eligibility for First-Time Borrowers. (PDF)
  3. Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). The MPN may be the appropriate document with that you vow to settle your Direct Loans and any accrued interest and charges. It describes the conditions and terms of the loans.
  4. Complete and submit a Loan Request Form (PDF) into the school funding workplace via mail, fax or in-person.

Exit Counseling

Pupils have to finish Exit guidance if:

  • You drop or withdraw classes to significantly less than half-time or start to go to as a significantly less than half-time pupil.
  • You withdraw completely through the university.
  • You may not start classes in a semester that is subsequent.
  • You complete and graduate from an application.

You shall be notified by e-mail to your Virginia Western e-mail account, or, if you should be maybe perhaps not much much much longer going to, using a mailed page into the target on file.

Parent Loans

To utilize for a primary Parent PLUS Loan, pupils must meet with the exact exact exact same fundamental eligibility requirements as other detailed aid that is financial.

  1. Finish the PLUS MPN for Moms And Dads.
  2. Complete and submit an immediate Parent PLUS Loan Request Form (PDF) into the Financial Aid workplace via mail, fax, or in-person.

Loan Payment

Information on education loan payment together with various payment plans available can be obtained at https: //studentaid. Ed.gov/sa/repay-loans. Pupils could use their FSA ID and password to log to the student that is federal web site, https: //studentloans.gov/myDirectLoan/index. Action, to see real loan totals and projected month-to-month payment by payment plan. Repayment for Federal Direct student education loans starts six months following the learning student graduates, makes college, or falls below half-time enrollment. Federal PLUS loans haven’t any elegance duration.

Loan repayment is handled through that loan servicer assigned to your loan by the U.S. Department of Education. Information on loan servicers can be acquired at https: //studentaid. Ed.gov/sa/repay-loans/understand/servicers#select.

Loan Information Disclosure

Pupil or moms and dad Federal Direct Loan info is submitted towards the National Scholar Loan information System (NSLDS) and available by authorized agencies, loan providers, and organizations.

Call Us

Location: navigate to the site Chapman Hall C106
Mobile: 1-855-874-6690
Fax: 540-857-6208

3094 Colonial Ave. SW
Roanoke, VA 24015

Mon-Thurs: 8:00 AM-5:00 PM
Fri: 8:00 AM-4:00 PM

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