Congratulations! You've worked hard in school, and now it's time for the next phase of your life: starting your new career and managing your money to help pave the way for a solid financial future.

But before you get started, you need to make sure that you have a good understanding of your student loan responsibilities. The Exit Interview Checklist and Quiz are required for all students who have taken out a federally subsidized loan. So before you leave school, take a few minutes to complete them, print and take them to your financial aid office.

Some schools allow you to complete your entrance interview online, while others require that you set up a meeting in person. You'll need to check with your financial aid office to see which method is accepted. If you're allowed to complete your entrance interview online, you can do that through this website. Start by reviewing the important information from the Loan Repayment and Money Management Tips. Then complete the student loan Entrance Interview Checklist and Quiz. Print, sign and take them to your financial aid office so that you can receive your loan.

Student Loan Entrance Interview: Checklist
You'll need to provide proof to your financial aid office that you've completed the Exit Interview Checklist and Quiz before you leave school. Start by reviewing the statements below. After reading each statement, indicate your understanding by clicking on each of the boxes.

If you need to refresh your memory about any of the subject matters, click on the links shown within each section. After you review the 13 statements, you must take the Exit Interview Quiz at the end of this section to help ensure that you thoroughly understand the information. Don't worry if you don't answer all questions correctly-we'll help you find the right answers.

I understand the following about my student loan(s):

1. If I borrowed a Federal Stafford Loan, I have signed a Master Promissory Note (MPN) or a common note as my commitment to repay.

 

2. I must repay my loan(s), including interest and fees even if:
   • I do not complete my education,
   • I am not satisfied with my education, or
   • I cannot find employment

   Click here to find out what you can afford to take out in loans, and to better understand the real cost of borrowing money.

 

3. I have a maximum of ten years to repay my loan(s) unless they are over $30,000 or consolidated, which may extend the term.

 

4. I may prepay all or part of my loan(s) at any time without penalty.

 

5. Depending on the type of my loan(s), I may apply for a deferment (a postponement) of my loan payments under certain circumstances.

   The following events may qualify me for a deferment:

   • Deferment Request Forms
   • In-school (full-time, at least half-time)
   • Education (related to specific types of training)
   • Unemployment (eligible for unemployment benefits)
   • Public Service (U.S. Armed Forces, Peace Corps)
   • Temporary Total Disability (temporary disability)
   • Parental Leave / Working Mother (pregnancy, full-time employment)
   • Economic Hardship (less than full-time employment, receiving state or federal public assistance)
   • Outlined in the forms are the qualifications for each type of deferment. Please contact your lender or financial aid office to request forms and to get help with completing the forms.

 

6. If I am unable to make my loan payments and I do not qualify for a deferment, I may request a forbearance from the holder(s) of my loan(s). Forbearance will allow me to temporarily reduce or postpone my loan payments. However, interest will continue to accrue. If I do not receive a forbearance , I must pay my loan(s) as scheduled. Qualifications for a forbearance include, but are not limited to, personal problems, unemployment or poor health.

 

7. Failure to pay my student loan(s) may also result in exposure to a civil suit and liability for collection costs and attorneys' fees.

 

8. I may be eligible to repay my student loan(s) under a standard, graduated, income-sensitive or extended repayment schedule.

 

9. The minimum monthly payment for the loan(s) is $50.00 but can be more depending on the sum borrowed.

   Repayment begins as follows:

   • Subsidized Stafford Loans -following my six-month grace period unless deferred.
   • Unsubsidized Stafford Loans -following my six-month grace period unless deferred; I have the option to make interest payments or accruing interest.

 

10. The loan variable interest rate is shown on the disclosure statement enclosed with my check.

 

11. I will be notified in writing of any transfer of my loan(s) to a new holder. If transferred, I must direct all correspondence to the new holder

 

12. It is my responsibility to inform my lender or the current holder of my loan(s), within ten days if I:
    • Change my name, address, telephone number, or social security number.
    • Change my graduation date.
    • Graduate, withdraw or transfer to another school.
    • Enroll for less than half-time.
    • Fail to enroll during the period for which my loan was intended.

 

13. If I fail to repay my student loan(s) , I will be considered in default and the following may result.
    • I may earn a negative credit rating that will remain on my record for seven years. I may be unable to make major credit purchases, for example, a new car or home.
    • The entire unpaid amount of my loan(s), including interest, could come due and payable immediately, and I may have to pay all collection costs and attorneys' fees.
    • My federal and state income tax refunds may be withheld.
    • My wages may be garnished and lottery winnings may be withheld.
    • I may be ineligible for future educational aid as well as deferments, forbearances, and loan consolidation on other educational loans I may have outstanding.