Exit Counseling

girl with book in the grassSometimes students don’t read the fine print of the federal loans they get, and when this happens, students can make some terrible mistakes. For example, a report produced by the Consumer Financial Protection Bureau indicates that at least 3,800 students had complaints about their student loans, and many of these students were unaware of the repayment schedules they were required to stick to. Now, many of the students included in this report had private loans, not federal options, but even students who have federal loans might have the same sorts of issues.

Exit counseling is designed to help. Students who obtain federal loans for their educations must participate in this program, and by doing so, they may avoid some of the more serious consequences that can come about when their post-graduation plans don’t work out quite right.

Benefits of Exit Counseling

Repercussions of Forgoing Exit Counseling

 

Completing Exit Counseling

studentWhen students have completed their degrees, or they drop out of their school programs, they’re required to go through this exit counseling process. It takes only a few moments to complete, and the whole process can be done online.

Students can sign into the module with their FSA ID, and then click on the “Exit Counseling” button. Then, they’ll go through a series of screens that teach them how the loans work, how they should be paid back and what consequences might befall a student who chooses to skip out on those obligations. There are quizzes involved, just to ensure that students are really paying attention to the information provided, but the text is generally considered easy to digest and easy to understand. Students should emerge from this training session with a good understanding of what they’re required to do and when they’re required to get started.

The module contains a tour function, for those students who would like to just browse the site without filling out any information. But it’s best for students to actually log in and complete that training soon after graduation. Participation is mandatory, after all.

 
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