What are references for student loan exit counseling?

Exit Counseling provides important information to prepare you for repaying your federal student loan(s). At the end, you’ll need to provide the name, address, email address, and telephone number for your closest living relative, two references who live in the U.S., and your current or expected employer, if known.

Why does exit counseling Ask for references?

Why do I have to enter references? Federal regulations require postsecondary schools to collect reference and next of kin information during entrance and exit counseling so your loan holder will have additional contacts in case they’re unable to reach you in the future.

Do I complete exit counseling if I am going to grad school?

That’s where federal student loan exit counseling comes in. Exit counseling is required for all federal student loan borrowers. Borrowers who received a subsidized, unsubsidized or PLUS loan under the direct loan program must complete exit counseling when they drop below half-time enrollment, leave school or graduate.

Do student loan references get contacted?

If you have ever received a Federal Student Aid loan, then you know that you need to fill out a Master Promissory Note (MPN). These references can be contacted by your loan servicer for a variety of reasons, but the most common reason your references will be contacted is if you enter into delinquency and/or default.

What is loan exit counseling?

Student loan exit counseling is an online course offered by the US Department of Education through StudentLoans.gov that walks students through the federal loan(s) they signed up for to pay for their education. The purpose of loan counseling is to prepare student borrowers for repayment.

What happens if you don’t complete exit counseling?

Exit counseling is required by federal law. What happens if you don’t complete it depends on your school. Typically, the Bursar’s office will put your transcripts and diploma on hold until you finish exit counseling. Generally, you’ll still be able to graduate.

When should I complete exit counseling?

You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You’ll learn about what your federal student loan payments will look like after school.

What happens if I forget to do exit counseling?

What if I forget to do my exit counseling? Remember, it’s just one of the responsibilities to borrow a student loan. But, we understand that it could happen. We will verify your enrollment at the end of each term, and if you are not enrolled, we will send you an e-mail reminding you.

What are MPN references used for?

Master Promissory Note The references should be people who will be able to help us contact you in the future if we are unable to reach you. References are only used for this purpose and are never required to repay your loan.

What is an MPN reference?

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). The school will tell you which loans, if any, you are eligible to receive.

What is a student loan exit interview?

An exit interview is a loan counseling session in which you are advised of your loan repayment schedule, obligations, and rights to deferment and/or cancellation. Your school is required by the federal government to conduct this exit interview whenever you are no longer enrolled as at least a half time student.

What is an exit interview for student loans?

What is federal student loan exit counseling?

Federal student loan exit counseling covers your repayment options, rights and responsibilities and is required for all borrowers with federal student loans, such as Direct or PLUS loans. Read on to learn how to do exit counseling for student loans as you transition away from college.

Do I need exit counseling for Parent PLUS loan?

Parent PLUS Loan borrowers are not required to complete exit counseling. How Long Will It Take? Exit counseling takes about 30 minutes to complete. You must complete it in one session; you cannot save and return to an incomplete session. What Do I Need? Still Have Questions About Exit Counseling?

How do I get help with exit counseling?

Contact your school’s financial aid office for help with completing exit counseling. Do I need to complete exit counseling if I’m leaving school, but restarting a new program soon?

Does my school have alternate exit counseling requirements?

Your school may have alternate exit counseling requirements. Check with your school’s financial aid office. You’re an undergraduate student if you’re pursuing an associate’s or bachelor’s degree.