understanding Exit counseling
Federal loan exit guidance provides important info to prepare one to repay your federal student education loans. For subsidized and unsubsidized loans, you need to finish exit guidance every time you: fall below half-time enrollment, graduate or keep college.
Exit guidance describes your liberties and duties being a learning student loan borrower and offers:
- Your outstanding loan stability
- An believed payment per month quantity
- A conclusion for the different payment plans
- Advantages and disadvantages of loan consolidation
- Information loan that is regarding, deferments, and forbearance
The type(s) of loan exit guidance you need to finish is determined by which federal loan( that is educational) you’ve got lent.
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 present interest levels), visit https: //studentloans.gov/myDirectLoan/index. Action or perhaps the educational funding workplace.
For info on consolidating an existing 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).
To request a Direct scholar Loan, students must meet with the exact exact same eligibility that is basic as other detailed school funding and sign up for at the least 6 monetary aid-eligible credits.
- Complete A free Application for Federal scholar help or Renewal Application.
- If you should be a first-time Direct Loan debtor and have not gotten a Stafford Loan, complete Direct scholar Loan Entrance Counseling.
You must also review this document about subsidized loan limits from the US Department of Education: Direct Subsidized Loan Eligibility for First-Time Borrowers if you are a first-time borrower. (PDF)
- 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 costs. In addition describes the conditions and terms of the loans.
- Complete and submit a Loan Request Form (PDF) to your school funding workplace via mail, fax or in-person.
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 lower than half-time pupil.
- You withdraw completely through the university.
- You don’t start classes in a subsequent semester.
- You complete and graduate from an application.
You will be notified by e-mail to your Virginia Western email account, or, if you’re perhaps perhaps perhaps maybe not much longer going to, using a mailed page to your target on file.
To try to get an immediate Parent PLUS Loan, pupils must meet with the exact exact same fundamental eligibility requirements as other detailed aid that is financial.
- Finish the PLUS MPN for Moms And Dads.
- Complete and submit an immediate Parent PLUS Loan Request Form (PDF) to your school funding workplace via mail, fax, or in-person.
Information on education loan payment while the various repayment plans available can be acquired at https: //studentaid. Ed.gov/sa/repay-loans. Pupils can use their FSA ID and password to log in to the student that is federal internet site, https: //studentloans.gov/myDirectLoan/index. Action, to look at real loan totals and approximated month-to-month payment by repayment plan. Repayment for Federal Direct student education loans starts six months following the learning student graduates, departs college, or drops below half-time enrollment. Federal PLUS loans do not have 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 Data System (NSLDS) and available by authorized agencies, loan providers, and organizations.
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