Federal loan exit guidance provides information to prepare you to definitely repay your federal figuratively speaking. For subsidized and unsubsidized loans, you have to finish exit guidance every time you: fall below half-time enrollment, graduate or keep college.
Exit guidance describes your legal rights and obligations as being education loan debtor and offers:
- Your outstanding loan stability
- An believed payment per month quantity
- A conclusion regarding the different payment plans
- Advantages and disadvantages of loan consolidation
- Information loan that is regarding, deferments, and forbearance
The type(s) of loan exit guidance you have to finish is determined by which federal loan( that is educational) you have got lent.
Virginia Western will not Federal Direct Student that is automatically award Loans. Students whom wants to get a Direct scholar Loan must submit a Federal Direct scholar Loan Request Form (PDF).
For more information about Direct Loans (including interest that is current), visit https: //studentloans.gov/myDirectLoan/index. Action or perhaps the school funding workplace.
For info on 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).
To request a Direct Student Loan, pupils must meet up with the exact exact exact same eligibility that is basic as other detailed school funding and sign up for at the least 6 monetary aid-eligible credits.
- Complete A free Application for Federal scholar help or Renewal Application.
- If you should be a first-time Direct Loan debtor and have perhaps perhaps not gotten a Stafford Loan, complete Direct scholar Loan Entrance Counseling.
You must also review this document about subsidized loan limits from the US Department of Education: Direct Subsidized Loan Eligibility for First-Time Borrowers if you are a first-time borrower. (PDF)
- Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). The MPN https://speedyloan.net/installment-loans-wv could be the document that is legal that you vow to settle your Direct Loans and any accrued interest and charges. It describes the stipulations of one’s loans.
- Complete and submit a Loan Request Form (PDF) to your school funding workplace via mail, in-person or fax.
Students have to finish Exit Counseling if:
- You drop or withdraw classes to not as much as half-time or start to go to as a not as much as half-time pupil.
- You withdraw completely through the university.
- You may not start classes in a subsequent semester.
- You complete and graduate from an application.
You shall be notified by email to your Virginia Western e-mail account, or, if you’re maybe perhaps not much much longer going to, using a mailed page to your target on file.
To try to get a primary Parent PLUS Loan, pupils must meet up with the exact exact same fundamental eligibility requirements as other detailed school funding.
- Finish the PLUS MPN for Moms And Dads.
- Complete and submit an immediate Parent PLUS Loan Request Form (PDF) to your school funding Office via mail, fax, or in-person.
Information on education loan payment and also the repayment that is different available can be obtained at https: //studentaid. Ed.gov/sa/repay-loans. Pupils might 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 approximated month-to-month payment by payment plan. Repayment for Federal Direct figuratively speaking starts six months following the student graduates, makes college, or falls below half-time enrollment. Federal PLUS loans haven’t any elegance duration.
Loan repayment is handled through that loan servicer assigned to your loan by the U.S. Department of Education. Details about loan servicers can be acquired 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 to your National Scholar Loan Data System (NSLDS) and available by authorized agencies, loan providers, and organizations.
Location: Chapman Hall C106
3094 Colonial Ave. SW
Roanoke, VA 24015
Mon-Thurs: 8:00 AM-5:00 PM
Fri: 8:00 AM-4:00 PM