Financial Wellness

Helping you manage your money, for school and for life!

Exit Counseling

Click the following links to access Franklin University’s Exit Counseling sessions, recorded on April 9th & April 12th, 2013.  *Please note that these sessions are supplemental to the federally required Exit Counseling via www.nslds.ed.gov.

 

Exit Counseling is not just for students who are graduating or leaving school — it can be useful to anyone who wants to understand more about the loan repayment process!  We highly encourage you to become familiar with Exit Counseling information and remember these important tips:

  • The repayment process begins when undergraduate students  drop below 6 credit hours/term, even if they are still enrolled (below 3 credit hours for graduate students).
  • Once you use up your six-month grace period on your loans, it can never be reset.  However, if you return to school at least part-time prior to the end of the grace period, it will be renewed and the six-month clock will start all over again the next time you drop below part-time enrollment.
  • There are a variety of loan repayment options, as well as deferment and forbearance, that can help you if you cannot afford your loan payment.  Explore these options BEFORE you miss a payment, so you can can avoid delinquency/default, and doing damage to your credit score.

To learn more about managing the loan repayment process, you can complete Exit Counseling online anytime at www.nslds.ed.gov.  The Department of Education also provides an Exit Counseling Guide, which summarizes the information you will learn in your Exit Counseling. 

Additional repayment information can also be found at the following links (provided by USA Funds):

  • Repayment basics brochure – a great place to start if you don’t know where to start.  Discusses how to look up federal loan balances, how to determine what you can afford, and which repayment option might work best for you.
  • Repayment Estimator – gives current federal loan interest rates, and how much/long you should expect to repay
  • Deferment and Forbearance brochure- helps explain these two options that are available to you PRIOR to default
  • Default brochure – how default affects your life, and how to resolve default once it happens

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