understanding Exit counseling

Federal loan exit guidance provides information that is important prepare one to repay your federal student education loans. For subsidized and unsubsidized loans, you have to finish exit guidance every time you: fall below half-time enrollment, graduate or keep college.

Exit counseling describes your liberties and obligations as being a learning education loan borrower and offers:

  • Your outstanding loan stability
  • An believed payment per month quantity
  • A description regarding the different repayment plans
  • Benefits and drawbacks 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 educational loan(s) you have got lent.

Financial A

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

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

For all about 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).

Figuratively Speaking

To request a Direct scholar Loan, pupils must meet up with the exact exact exact same fundamental eligibility requirements as other detailed educational funding and sign up for at the least 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 debtor and have perhaps not gotten a Stafford Loan, complete Direct scholar Loan Entrance Counseling.
    If you should be a first-time debtor, you have to additionally review this document about subsidized loan restrictions from 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 document that is legal that you vow to settle your Direct Loans and any accrued interest and charges. In addition describes the conditions and terms of one’s loans.
  4. Complete and submit a Loan Request Form (PDF) to your school funding workplace via mail, fax or in-person.

Exit Counseling

Pupils have to complete Exit guidance if:

  • You drop or withdraw classes to not as much as half-time or start to go to as a not as much as 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 an application.

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

Parent Loans

To use for an immediate Parent PLUS Loan, students must meet up with the exact same fundamental eligibility requirements as other detailed school funding.

  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

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Details about education loan payment together with various payment plans available can be acquired at https: //studentaid. Ed.gov/sa/repay-loans. Pupils could use their FSA ID and password to log to the federal student education loans web site, https: //studentloans.gov/myDirectLoan/index. Action, to look at 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, actually leaves college, or falls below half-time enrollment. Federal PLUS loans do not have elegance duration.

Loan repayment is handled through financing servicer assigned to your loan because of 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 parent Federal Direct Loan info is submitted towards the National Scholar Loan information System (NSLDS) and available by authorized agencies, lenders, and organizations.

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Roanoke, VA 24015

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