Federal Student Loan recipients who are graduating or leaving school for any reason are required to complete exit loan counseling at StudentAid.gov. If the student prefers to complete the exit counseling in person, GLBBS will provide personal exit interviews upon request. Students who leave school without completing their exit counseling will be sent the PDF version of the Exit Counseling Guide for Federal Student Loan Borrowers via email to the student borrower at their personal/home email address within 30 days after GLBBS learns that the student borrower failed to complete the exit counseling as required.
Each Direct Subsidized or Unsubsidized loan borrower who is in the final semester of the program of study will receive an electronic notification to complete exit counseling.
For administrative withdrawals, GLBBS ensures that exit counseling is conducted within 30 days of the date of determination that the student has withdrawn.
Exit Counseling provides important information in preparation to repay Direct Subsidized, Direct Unsubsidized, or Graduate or professional Direct PLUS loans and the borrower’s rights and responsibilities. It includes information on the average anticipated monthly repayment amount, available repayment plan options, description of the consequences of default, availability of the information in the National Student Loan Data System (NSLDS), and other information to successfully repay the federal student loans. The borrower may use the Federal Student Aid office Loan Simulator to see the estimated monthly and total payments including the repayment plan options for which they may be eligible.
The borrower’s rights include the following:
The borrower’s responsibilities are the following:
The United States Department of Education requires all students who have received a Direct Loan from GLBBS to complete Exit Loan Counseling. A student must complete Exit Loan Counseling when they exit the school, drop to less than half time enrollment status or graduate. Exit Loan Counseling informs you of your rights and responsibilities regarding the repayment process.
HOW TO COMPLETE EXIT COUNSELING ONLINE:
To complete Exit Loan Counseling at StudentAid.gov, you will need your Department of Education FSA ID to access your Exit Loan Counseling information. If you have forgotten your FSA ID or need to request an FSA ID, go to https://studentaid.gov/fsa-id. Once you receive your FSA ID, you will be able to access your Exit Loan Counseling requirements by returning to StudentAid.gov.
BUDGETING AND REPAYMENT
While you are logged into StudentAid.gov, we highly recommend that you use the Loan Simulator listed under Tools and Calculators. This will give you an accurate estimate of your monthly payment. It is extremely important to budget for your upcoming loan payment now even though your loan payment will not start until 6 months after you graduate, withdraw or fall below half-time enrollment.