Federal Loan Exit Interview

Federal law requires all students who have received a subsidized, unsubsidized, or PLUS loan under the Direct Loan Program to complete online exit counseling every time the student:

• drops below half-time enrollment
• graduates
• leaves school

Exit counseling is used to inform the borrower on how to repay federal student loans and how to avoid defaulting on a loan.  To complete exit counseling, sign in to www.studentloans.gov.  Select "Complete Counseling" in the left navigation bar, and then choose "Exit Counseling" under "Choose Counseling Type."  Select the school(s) you wish to notify of your counseling completion.

Please note the following information about your student loan(s):

1. You are required to repay your loan(s) even if you don't complete your education or cannot find employment after graduation.
2. Depending on your loan amount, loan type, and repayment plan, you may have a maximum of ten to thirty years to repay your student loan(s).  You must select a repayment option; if not, your loan(s) will be automatically placed into a maximum ten year repayment plan.
3. If you default on your student loan(s), your entire loan amount may immediately become due.
4. You may prepay all or a portion of your student loan(s) at any time without penalty.
5. You may consolidate multiple federal student loans into one loan to extend the repayment period and lower the monthly payment; however, you may be paying more in interest by doing so.
6. You must notify your loan servicer when you:
   • have questions about your loan
   • are having trouble making your monthly loan payments
   • graduate
   • leave school
   • drop below half-time enrollment status
   • change your name, address, or phone number
   • want to change repayment plans
7. If you return to school at least half-time before the end of the 6-month grade period or deferment, your loan(s) will return to an "in-school" status or deferment.  You will then be eligible for a full 6-month grace period or deferment when you leave school or drop below half-time enrollment again.
   • You will not be re-eligible for federal and/or state financial aid (including Federal Direct Student Loans and Federal Direct Parent PLUS Loans) unless you have made satisfactory academic progress, or re-gained eligibility by transferring credits in and/or making up any necessary credits, or attaining the necessary cumulative grade point average. Please direct questions about financial aid eligibility to the Student Financial Services Office at 814-393-2315.

   • You must have 24 new credits each academic year to receive a PHEAA State Grant.