What is exit counseling?
Federal loans come with two primary learning opportunities: entrance counseling and exit counseling. Entrance counseling occurs at the start of your schooling, whereas exit counseling occurs at the end of your schooling. Exit counseling is your last occasion to learn about your rights and responsibilities regarding your student loans before it’s time to write that first check.
In exit counseling, you review the available repayment plans, which determine the amount of your monthly loan payment, and you get a preview of options you may qualify for should you run into trouble making a monthly payment. Exit counseling also teaches good money management strategies, so you know how to create a budget and pay your bills when you’re on your own.
When should I complete exit counseling?
Exit counseling is not only for graduates. You also need exit counseling if you withdraw or stop attending school, if you decide to transfer to a different school, or if you decide to go to school less than half time.