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Loans - Exit Counseling

Quick Links for Exit Counseling

Undergraduate Students -Loan Exit Counseling

Graduate Students - Loan Exit Counseling

What is Exit Loan Counseling? Exit Loan Counseling is a required counseling session when a student gets ready to graduate, enrollment drops below half time (below 6 hours) or leaves school to advise the student of their rights and responsibilities of borrowing educational loans. Exit loan counseling is a requirement to keep Stafford loan eligibility for a student who plans to return to school in an up-coming semester. Completing Exit loan counseling does NOT put a student in repayment.

• An explanation of the use of an MPN

• The importance of the repayment obligation

• A description of the consequences of default

• Discuss debt management strategies

• Review Forbearance, deferment, and cancellation options

• Providing sample repayment schedules

• Familiarization with a borrower’s rights and responsibilities as well as other terms and conditions

• Reminder of funds borrowed

• List of the student loan lenders and contact with National Student Loan Data System online or calling 1-800-4-FED-AID

• Receive average anticipated monthly repayment amount

• Unresolved issues regarding borrower 877-557-2575 or www.ombudsman.ed.gov

Why do you complete Loan Exit Counseling?

Repaying Your Student Loan

Unlike the grants and scholarships that you may have received as part of your award package, a Federal Stafford Loan and Private Loans comes with fees, accrues (or collects) interest, and must be repaid.

In fact, you must repay your loan even if you have failed to complete your degree, are unhappy with your education, or can't find immediate employment after graduation.

If you are late with just one payment - or simply miss a payment - you will be considered delinquent and you may incur late fees. If you stop making Stafford Loan payments altogether, you will be considered in default after 270 days have passed with no payment.

Default is serious and may come with these consequences:

• Your credit rating will be negatively affected for years.

• The entire unpaid amount of your loan (including interest) will become immediately due and payable.

• Your wages may be garnished.

• Your federal and state income tax refunds can be withheld.

• You will get calls from bill collectors and you may be subject to litigation

• You will be ineligible to receive any other federal aid in the future.

Who need to complete the Loan Exit Counseling?

Any student receiving FFEL or Direct Loans (including Graduate/Professional PLUS loans) must complete Loan Exit Counseling:

• Undergraduate Students -Loan Exit Counseling

• Graduate Students - Loan Exit Counseling

• Full-time and part-time enrollment

• Main campus and site students

Students who withdraw from school as a result of:

• Withdrawal from the institution by dropping all classes

• Conferred a degree after the completion of all major requirements

• Failure to complete a degree program

Available Counseling Materials

• Web-based Online

• Mailed Material

When should a student complete the Loan Exit Counseling?

1. Borrowers that withdraw from all classes or drop to less than 6 hours

• Request the Official Withdrawal Form from the Registrar Office at (386) 481-2520

• Review your financial aid with the FA Loan Counselor to determine if Return of Funds are needed

• Complete Loan Exit Counseling online. If student fails to complete the Official Withdrawal Process, material will

   be mailed to the permanent address within 30 days of notification

• If a balance remains on the student’s financial account, Student Accounts Clearance is required

• Students must contact the Registrar’s Office for official withdrawal of classes

2. Borrowers graduating or has graduated with loans

• Request Exit Counseling from the Financial Aid Office

• Complete Loan Exit Counseling online.

• If a balance remains on the student’s financial account, Student Accounts Clearance is required

• Borrowers seeking graduation will not receive a diploma until Exit Counseling is complete

Steps to Completing Online Loan Exit Counseling Session

If you are a loan borrower at Bethune-Cookman University, you must complete Exit loan counseling. Failure to complete this requirement will delay future loan processing of your Federal Stafford loan and the receipt of your diploma from B-CU.

1.  On the Financial Aid Web page.

2.  Click on Loan Entrance/Exit Counseling.

3.  Complete Exit Counseling.

4.  The Financial Aid Office will receive your result electronically once you complete the counseling session.

5.  You can check the status of your Exit Counseling at Financial Aid Online Services http://pfweb.cookman.edu/NetPartnerStudent/. The results will be available within 2 days of completion.

How can the lender contact the student borrower?

The student will be informed of their borrower information upon completing Exit Counseling via website or mail. 

Release of student information

A student authorizes his or her school to release information to the lenders as part of the promissory note the student signs as during the loan application process.  In addition, upon completing the Withdrawal Form, the Financial Aid Office will confirm contact information (employer, references, driver’s license number and state of issuance) to be forwarded to the guarantor , or the Direct Loan Servicing Center and Financial Aid Default Prevention area follow-up process.

Exit Counseling Follow-up

The Office of Student Financial Aid Office will use follow-up communication via email and mailing to prevent the student from defaulting on all funds borrowed.  Communication will follow for one year after graduation of failure to complete a degree program.

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