Federal loan exit guidance provides information that is important prepare you to definitely repay your federal figuratively speaking. Each time you: drop below half-time enrollment, graduate or leave school for subsidized and unsubsidized loans, you must complete exit counseling.
Exit guidance describes your legal rights and duties as education loan debtor and offers:
- Your loan that is outstanding stability
- An believed payment per month quantity
- A conclusion associated with the repayment that is various
- Advantages and disadvantages of loan consolidation
- Information regarding loan forgiveness, deferments, and forbearance
The type(s) of loan exit guidance you need to finish is determined by which federal loan( that is educational) you’ve got lent.
Virginia Western doesn’t immediately award Federal Direct Student 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 the educational funding workplace.
For all about 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 scholar Loan, pupils must meet up with the exact exact same fundamental eligibility criteria as other installment loans va detailed educational funding and sign up for no less than 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 also have perhaps perhaps perhaps not gotten a Stafford Loan, complete Direct Student Loan Entrance Counseling.
If you should be a first-time debtor, you need to also review this document about subsidized loan limitations through the United States Department of Education: Direct Subsidized Loan Eligibility for First-Time Borrowers. (PDF)
- Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). The MPN may be the appropriate document with that you vow to settle your Direct Loans and any accrued interest and costs. Moreover it describes the conditions and terms of one’s loans.
- Complete and submit a Loan Request Form (PDF) to your school funding workplace via mail, fax or in-person.
Students have to finish Exit guidance if:
- You drop or withdraw classes to lower than half-time or start to go to as a lower than half-time pupil.
- You withdraw completely through the university.
- That you do not start classes in a subsequent semester.
- You complete and graduate from an application.
You will be notified by e-mail to your Virginia Western e-mail account, or, if you should be perhaps maybe not much longer going to, using a mailed page towards the target on file.
To utilize for an immediate Parent PLUS Loan, pupils must meet up with the exact same fundamental eligibility requirements as other detailed educational funding.
- Finish the PLUS MPN for Moms And Dads.
- Complete and submit a primary Parent PLUS Loan Request Form (PDF) towards the school funding workplace via mail, fax, or in-person.
Information on education loan payment additionally the repayment that is different available is present at https: //studentaid. Ed.gov/sa/repay-loans. Pupils could use their FSA ID and password to log into the student that is federal web 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 student education loans starts six months following the student graduates, departs college, or falls below half-time enrollment. Federal PLUS loans do not have elegance duration.
Loan repayment is handled through that loan servicer assigned to your loan by the U.S. Department of Education. Information regarding loan servicers can be obtained at https: //studentaid. Ed.gov/sa/repay-loans/understand/servicers#select.
Loan Information Disclosure
Parent or student Federal Direct Loan info is submitted to your National Scholar Loan information System (NSLDS) and available by authorized agencies, loan providers, and organizations.
Location: Chapman Hall C106
3094 Colonial Ave. SW
Roanoke, VA 24015
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