Loan Information

Loan Exit Counseling

Students who are borrowing loans are required to complete entrance and exit counseling sessions. Different loans require different counseling processes; all of which are administered online.

Loan Exit Counseling is completed by a student when finishing education or exiting an academic institution (for example, graduating or withdrawing). This interactive counseling session will help you plan for the repayment of your student loans.

Start Your Exit Counseling Session

Loan Consolidation

A consolidation loan combines multiple federal student or parent loans into a single loan with one monthly payment. Consolidating loans can lower payments significantly and is managed by the U.S. Department of Education. Most federal education loans are eligible for consolidation, such as subsidized and unsubsidized Stafford loans, Perkins loans, graduate PLUS loans and nursing loans. Parent PLUS loan borrowers may also can consolidate their loans.

Student borrowers are eligible to consolidate there loans after they graduate, leave school or drop below halftime enrollment. PLUS Loans (parent borrowers) are eligible for consolidation once they are fully disbursed.

Private (Alternative) Loan Consolidation

If you have private loans (also referred to as alternative loans), you may want to consider consolidating these loans. Visit FinAid to learn more about private loan consolidation and which institutions offer this service.

Loan Repayment

Federal loans in standard repayment last up to 10 years with several payment plan options available. Visit the Federal Student Aid repayment options website for detailed descriptions of each plan. Monthly loan payment amounts will depend on the amount of accumulated debt and the duration of repayment. The federal loans are usually eligible for loan consolidation.

To view your loan history including amounts, dates, status and lender, visit studentaid.gov.

Grace Periods

After students graduate, leave school or drop below half-time enrollment, there is a period of time before students have to begin repaying their loans call the “grace period.” After the grace period expires, loan payment begins.

  • Federal Stafford Subsidized/Unsubsidized Loans: Six months
  • Federal Perkins Loans: Nine months

Parent/Graduate PLUS Loans

Parents and graduate students who borrow with the Parent PLUS Loan or Graduate PLUS Loan do not have a grace period. Loan repayment starts 60 days after the loan is fully disbursed.

  • Borrowing for full academic year: 60 days after first day of spring semester 
  • Borrowing for a single semester: 60 days after first day of the semester 

Warning on Loan Default

It is extremely important to make all payments on time. Failure to make loan payments without special arrangements with your lender or the Department of Education will result in default.

If you default, it means you have failed to make payments on your student loan according to the terms of your Master Promissory Note, which is a binding legal document. At this point, your school, the financial institution that administers your loan(s), your loan guarantor and the federal government can all take action to recover the money you owe.

Consequences of Default

  • National credit bureaus can be notified of your default, which will harm your credit rating and make it harder to buy a car, house or other large purchases that take credit score/history into account.
  • You would be ineligible for additional federal student aid if you decided to return to school.
  • Loan payments can automatically be withheld from your paycheck.
  • State and federal income tax refunds can be withheld and applied toward the amount you owe.
  • You will be subject to late fees and collection costs on top the debt you already owe.
  • You can be sued.