understanding Exit counseling

understanding Exit counseling

Federal loan exit guidance provides information that is important prepare you to definitely repay your federal figuratively speaking. For subsidized and unsubsidized loans, you need to finish exit guidance any time you: fall below half-time enrollment, graduate or keep college.

Exit guidance describes your legal rights and best online installment loans in virginia obligations as pupil loan debtor and offers:

  • Your outstanding loan stability
  • An believed payment per month quantity
  • A reason associated with the different payment plans
  • Advantages and disadvantages of loan consolidation
  • Information regarding loan forgiveness, deferments, and forbearance

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

Financial A

Virginia Western will not Federal Direct Student that is automatically award 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 school funding workplace.

For info 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 exact same eligibility that is basic as other detailed school funding and sign up for at the least 6 monetary aid-eligible credits.

  1. Complete A free Application for Federal scholar help or Renewal Application.
  2. If you’re a first-time Direct Loan debtor and have perhaps perhaps 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)
  3. Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). The MPN may be the appropriate document with that you promise to settle your Direct Loans and any accrued interest and charges. It describes the stipulations of one’s loans.
  4. Complete and submit a Loan Request Form (PDF) into the school funding workplace via mail, fax or in-person.

Exit Counseling

Pupils are required 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.
  • That you do not start classes in a semester that is subsequent.
  • You complete and graduate from a course.

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

Parent Loans

To try to get a primary Parent PLUS Loan, pupils must meet with the 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 a primary Parent PLUS Loan Request Form (PDF) towards the school funding workplace via mail, fax, or in-person.

Loan Payment

Information on education loan payment additionally the repayment that is different available can be obtained at https: //studentaid. Ed.gov/sa/repay-loans. Pupils might use their FSA ID and password to log to the student that is federal internet site, https: //studentloans.gov/myDirectLoan/index. Action, to look at real loan totals and believed month-to-month payment by payment plan. Repayment for Federal Direct student education loans starts six months following the student graduates, will leave 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 because of the U.S. Department of Education. Information regarding loan servicers is present at https: //studentaid. Ed.gov/sa/repay-loans/understand/servicers#select.

Loan Information Disclosure

Parent or student Federal Direct Loan info is submitted to your National Scholar Loan Data System (NSLDS) and available by authorized agencies, loan providers, and organizations.

E Mail Us

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Phone: 1-855-874-6690
Fax: 540-857-6208

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Roanoke, VA 24015

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