TAKE THE LEAD
DON’T LET YOUR STUDENT LOANS UPSTAGE YOU — EXIT COUNSELING
YOUR PROMISE
Know what you promised to do:
Read all forms and documents carefully.
R t
l t d f
t SFS
e urn comp e e orms o
.
Understand your rights and responsibilities.
Ask questions
.
2
YOUR PROMISE
Master Promissory Note:
Legally binding document.
S
ifi
i ht
d
ibiliti
pec es your r g s an respons
es.
Must be signed in order to receive loan funds.
FFEL Loans:
Borrower’s Rights and Responsibilities.
Notice of Guarantee and Disclosure
.
Campus Based Loans
3
YOUR PROMISE
MPN multi-year feature:
Sign once.
A th i
f t
l
f
d
t
u or zes u ure oan un s upon your reques .
Some schools do not use this feature.
You can “opt out” and sign a new MPN for each loan
.
Expect a “Plain Language Disclosure” for any
subsequent loans.
4
YOUR PROMISE
You promised to repay your loan, even if you:
Don’t complete your program of study.
D ’t
l t
ithi
th
t d d
on comp e e your program w
n e s an ar
allotted timeframe.
Are unable to locate employment after completing your
program.
Are dissatisfied with or don’t receive the services
h
d f
h
h
l
purc ase rom t e sc oo .
Don’t receive payment coupons or reminders from your
lender.
5
YOUR PROMISE
Need specific information?
Master Promissory Note.
N ti
f G
t
d Di
l
o ce o uaran ee an
sc osure.
School records.
Lender guarantor and servicer
,
.
National Student Loan Data System:
www.nslds.ed.gov.
U.S. Department of Education:
www.FederalStudentAid.ed.gov.
6
YOUR PROMISE
www nslds ed gov
7
.
.
.
YOUR PROMISE
www nslds ed gov
8
.
.
.
CONSEQUENCES
“Delinquency” results from making
late loan payments.
Late charges and fines may be assessed.
Negative mark on your credit record.
Increased risk of default.
9
CONSEQUENCES
“Default” results from making no loan payments
for 270 consecutive days or more.
Lose eligibility for future federal financial aid.
Lose flexible loan re