understanding Exit counseling
Federal loan exit guidance provides important info to prepare one to repay your federal view website student education loans. 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 obligations being education loan debtor and offers:
- Your outstanding loan stability
- An believed payment per month quantity
- A reason for the repayment that is various
- Benefits and drawbacks of loan consolidation
- Information regarding loan forgiveness, deferments, and forbearance
The type(s) of loan exit guidance you need to finish is dependent upon 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 wants 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 even 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).
Student Education Loans
To request a Direct scholar Loan, pupils must meet 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.
- Complete A free Application for Federal scholar help or Renewal Application.
- If you should be a first-time Direct Loan debtor and have perhaps 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 limitations through the United States Department of Education: Direct Subsidized Loan Eligibility for First-Time Borrowers. (PDF) - 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. Moreover it describes the conditions and terms of the loans.
- Complete and submit a Loan Request Form (PDF) into the school funding workplace via mail, in-person or fax.
Exit Counseling
Pupils have to finish Exit guidance if:
- You drop or withdraw classes to lower than half-time or start to go to as a significantly less than half-time pupil.
- You withdraw completely through the university.
- You don’t start classes in a subsequent semester.
- You complete and graduate from a course.
You will be notified by e-mail to your Virginia Western e-mail account, or, if you’re maybe perhaps perhaps perhaps not longer going to, using a mailed page to your target on file.
Parent Loans
To try to get an immediate Parent PLUS Loan, students must meet up with the same fundamental eligibility requirements as other detailed school funding.
- Finish the PLUS MPN for Moms And Dads.
- Complete and submit a primary Parent PLUS Loan Request Form (PDF) towards the school funding workplace via mail, fax, or in-person.
Loan Payment
Details about education loan payment as well as the repayment that is different available is present 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 see actual loan totals and calculated month-to-month payment by payment plan. Repayment for Federal Direct student education loans starts six months following the learning student graduates, renders 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 by 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 information System (NSLDS) and available by authorized agencies, loan providers, and organizations.
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