What is Exit Counseling?
When you sign up for a student loan, you will get an amount of money that you need to complete college. During that time you will be told that you do not have to pay back your loans until you have graduated from college. This is a very helpful thing that many people appreciate. Your graduation might come faster than you think, and this is a great thing. At the time of your graduation you will need to go through something called exit counseling. Do you know what this process includes and how you can work it? The following is some information that you should use in order to make sure you repay your loans back efficiently.
The Basics of Exit Counseling
Exit counseling is a required process for every student who takes out a federal student loan. This process will help you with proper repayment management, as well as management of your personal finances. This is the time when you will learn the rules, how you can consolidate your loans, and the consequences of defaulting on payments. There will be forms that you need to handle at this time, so make sure everything is filled out properly. If you have not done so already, you will need to call your advisor and make an appointment for this. This is when the proper documents will come into play.
Information You Will Need
You will need to bring the following things to your advisor meeting in order to get everything taken care of. Make sure you have your driver’s license number, Social Security number, and your permanent address. You will also need to bring the name, address and telephone number of the company you are going to work for as well as the name, address and phone number of your nearest relative. Finally, most exit counseling meetings will need to include references as well. Double check when you call to make an appointment because you do not want to forget something important and have to start the meeting all over.
Before You Finish
Before this is all said and done, you need to make sure everything is accounted for. Make sure you know all the repayment details, and that you have chosen the option that is best for you. If you want to know about student loan consolidation, get some information. If you need help with a budget, they can offer you this help. This next part is important. Double check all the information on delinquency and default! Most people gloss over this like it is nothing. Also, you need to find out if your loan can be sold and what happens in that situation. After all of this is taken care of and you are comfortable, you can proceed!