5 Things to Know Before Graduating:
Exit Loan Counseling
by Taylor, Peer Mentor
1. Know who your loan servicer is
a. Find out who your loan servicer is on https://www.nslds.ed.gov/npas/index.htm
2. Direct Loans vs Student PLUS loans: your first payment is due 6 months after you (the student) graduates, withdraws, or drops below half-time enrollment
a. Subsidized: You are only responsible for paying any interest accrued during your grace period of 6 months after graduating, withdrawing, or dropping below half time enrollment.
b. Unsubsidized You are responsible for all interest accrued while attending college and departing.
c. Student Plus Loan: You and your parent are responsible for all
interest accrued while attending college and departing.
3. Select a repayment plan that works best for you
a. Standard
b. Graduated
c. Extended
d. Income Based
e. Income Contingent
f. Income Sensitive
g. Pay As You Earn
h. Revised Pay As You Earn
4.Loan Discharge/Forgiveness
a. Teaching service
b. Public service
c. Total and permanent disability
d. False certification of loan
e. Death of borrower
5. Resources
a. Student Money Management Center
Phone: (940)367-7761
b. Department of Education Loan Ombudsman's Office
Phone: (877)557-2575