MoneyMatter$: Is student loan exit counseling required for all student loan borrowers?
Danielle: Yes. The Department of Education requires all student loan borrowers to complete exit counseling each time they graduate, leave school, or drop below half time enrollment.
MoneyMatter$: When did the SMMC begin offering personal student loan exit counseling services to students?
Danielle: The SMMC began offering Department of Education-sanctioned student loan exit counseling sesssions last fall. Through a partnership with the Financial Aid Office's Default Prevention Team, the SMMC team of money coaches attended a specialized training program to be able to offer the option of in-person student loan exit counseling sessions to graduting students.
MoneyMatter$: What are the benefits of doing the counseling in person as opposed to online?
Danielle: Though the time it takes for the exit counseling is the same, an in-person session allows students to have a truly personalized experience with a money coach. Coaches can take into account the student's specific budget questions, student loan debt, career/graduate school plans, and repayment options post-graduation.
We hear from students time and again that their in-person exit loan counseling session was one of the best programs they have attended at UNT.
MoneyMatter$: What happens during a session of exit loan counseling?
Danielle: Your money coach will help you log on to your student loan database portal, look at your loans, identify your servicer(s), how to make payments, review repayment plan options, and help you create your post-graduation budget (including your loan payment!).
We discuss the importance of avoiding default and how to talk to your servicer about financial struggles if they arise during your repayment period. Most students take 10 years to repay their loans, and a lot can happen during that time.
We will aslo discuss plans for possible graduate studies, debt forgiveness programs, and how to lower the cost of debt with early repayment – all dependent on the student’s particular circumstances.
I am very proud that these sessions are helping student loan borrowers finish money strong.