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Students who borrowed Federal Perkins Loans, Federal Stafford Loans, and/or Federal Direct Student Loans must complete exit counseling when no longer enrolled at least half time. The primary purpose of exit counseling is to inform students of their rights and responsibilities as a student loan borrower as they prepare to enter repayment. During exit counseling, students will also provide current contact information to help facilitate the repayment process.
During exit counseling, students will learn the options they have to repay their loan, including available payment plans and consolidation. Students will also learn about debt management strategies, how to contact the company managing their repayment, and the consequences of not repaying their loans (default). Exit counseling also reviews the conditions under which loans can be fully or partially forgiven, as well as options for deferring repayment and temporary breaks in repayment (forbearance). Students will also learn about the Student Loan Ombudsman, a U.S. Department of Education office which helps mediate student loan disputes. Exit counseling will also let students know how to access student loan information online through the National Student Loan Data System (NSLDS). Finally, exit counseling reviews the impact of limitations on borrowing certain Federal Direct Student Loans for affected borrowers and available tax benefits.