EXIT COUNSELING – FEDERAL DIRECT STAFFORD LOANS
Exit Counseling is an online educational course for borrowers of Federal Direct Stafford Loans. The counseling is required for all borrowers who have dropped below 6 credit hours (half time), ceased enrollment, or graduated. Exit Counseling needs to be completed even if you are planning to continue your education at another institution.
How do I complete Exit Counseling?
Complete your Exit Counseling online by visiting http://www.studentloans.gov and click on the green Log In button.
What will the Exit Counseling cover?
Exit Counseling will explain your rights and responsibilities as a federal loan borrower. It also provides information and terms to help you make the right choices about repayment. During the counseling you will review your total federal student loan debt. As you complete Exit Counseling, pay special attention to:
- Loan consolidation
- Loan deferment
- Payment options (standard repayment, extended repayment, graduated repayment, and income contingent repayment)
- Loan forbearance
How long will Exit Counseling take?
Exit Counseling will take approximately 30-40 minutes to complete. You will need your FSA ID and you will also be asked to select your school: Eastern Gateway Community College (00727500).
Do I need to let EGCC know when I have completed my Exit Counseling?
No, you do not. Financial aid will receive electronic confirmation once you completed the Exit Counseling.
When should I complete Exit Counseling?
If you are graduating, you should complete Exit Counseling within thirty (30) days prior to your graduation date. If you are no longer attending or have dropped below half time attendance, you should complete Exit Counseling within thirty (30) days from the last date of at least half-time attendance. Graduates will also be required to attend an in-person Exit Counseling session as well. Students will be notified via e-mail once financial aid is notified from the Registrar’s office that the student is scheduled to graduate. Student borrowers must complete Exit Counseling in order to obtain an official transcript from EGCC’s Registrar’s office.
Am I required to complete Exit Counseling if I am going to another school?
Yes, you need to complete Exit Counseling even if you are planning to attend another school. Exit Counseling will assist you in knowing your rights and responsibilities about your current loan(s) grace period and repayment period.