9. Juli 2020

understanding Exit counseling

Federal loan exit guidance provides important info to prepare one to repay your federal student education loans. Each time you: drop below half-time enrollment, graduate or leave school for subsidized and unsubsidized loans, you must complete exit counseling.

Exit guidance describes your legal rights and duties as being a learning pupil loan debtor and offers:

  • Your loan that is outstanding stability
  • An believed payment per month quantity
  • A conclusion for the different payment plans
  • Advantages and disadvantages of loan consolidation
  • Information regarding loan forgiveness, deferments, and forbearance

The type(s) of loan exit guidance you need to finish is determined by which federal educational loan(s) you’ve got lent.

Financial A

Virginia Western will not immediately award Federal Direct Student Loans. A student whom desires to get a Direct scholar Loan must submit a Federal Direct scholar Loan Request Form (PDF).

For more information about Direct Loans (including present interest levels), visit https: //studentloans.gov/myDirectLoan/index. Action or the school funding workplace.

For information about consolidating a preexisting Stafford Loan with a Direct Loan, visit https: //studentaid. Ed.gov/sa/repay-loans/consolidation or call 800-557-7392 (TDD/TTY: 800-557-7395).

Student Education Loans

To request a Direct scholar Loan, students must meet with the exact exact same eligibility that is basic as other detailed school funding and sign up for at the least 6 monetary aid-eligible credits.

  1. Complete a complimentary Application for Federal scholar Aid or Renewal Application.
  2. If you should be a first-time Direct Loan debtor and have perhaps not gotten a Stafford Loan, complete Direct scholar Loan Entrance Counseling.
    If you’re a first-time debtor, you need to additionally review this document about subsidized loan restrictions through the United States Department of Education: Direct Subsidized Loan Eligibility for First-Time Borrowers. (PDF)
  3. Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). The MPN may be the document that is legal that you vow to settle your Direct Loans and any accrued interest and charges. In addition it describes the stipulations of one’s loans.
  4. Complete and submit a Loan Request Form (PDF) to your school funding workplace via mail, in-person or fax.

Exit Counseling

Pupils have to finish Exit guidance if:

  • You drop or withdraw classes to lower than half-time or start to go to as a not as much as half-time pupil.
  • You withdraw completely through the university.
  • That you don’t start classes in a semester that is subsequent.
  • You complete and graduate from a course.

You shall be notified by e-mail to your Virginia Western email account, or, if you’re maybe maybe not much much much longer going to, via a mailed page to your target on file.

Parent Loans

To try to get an immediate Parent PLUS Loan, pupils must meet with the exact exact exact same fundamental eligibility requirements as other detailed school funding.

  1. Finish the PLUS MPN for Moms And Dads.
  2. Complete and submit a Direct Parent PLUS Loan Request Form (PDF) towards the school funding workplace via mail, fax, or in-person.

Loan Payment

Details about education loan payment additionally the various repayment plans available can be obtained at https: //studentaid. Ed.gov/sa/repay-loans. Students can use their FSA ID and password to log to the federal figuratively speaking internet site, https: //studentloans.gov/myDirectLoan/index. Action, to see real loan totals and believed month-to-month payment by payment plan. Repayment for Federal Direct student education loans starts six months following the learning student graduates, actually leaves college, or falls below half-time enrollment. Federal PLUS loans do not have elegance duration.

Loan repayment is handled through that loan servicer assigned to your loan because of the U.S. Department of Education. Information regarding loan servicers can be obtained at https: //studentaid. Ed.gov/sa/repay-loans/understand/servicers#select.

Loan Information Disclosure

Pupil or moms and dad Federal Direct Loan info is submitted towards the https://speedyloan.net/installment-loans-va National Scholar Loan information System (NSLDS) and available by authorized agencies, loan providers, and organizations.

E Mail Us

Location: Chapman Hall C106
Mobile: 1-855-874-6690
Fax: 540-857-6208

3094 Colonial Ave. SW
Roanoke, VA 24015

Mon-Thurs: 8:00 AM-5:00 PM
Fri: 8:00 AM-4:00 PM