Exit counseling provides important information to prepare you to repay your federal student loan(s).
If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the FFEL Program, you must complete exit counseling each time you:
- Drop below half-time enrollment
- Graduate
- Leave school
Exit counseling is required by law. Exit counseling provides important information that you will need as you prepare to repay your federal student loan(s). During exit counseling, you will review the terms and conditions that apply to your federal student loans.
Rowan College of South Jersey expects you to complete your mandatory Exit Counseling online.
The entire counseling process must be completed in a single session. Most students complete counseling in 20-30 minutes.
Your Rights and Responsibilities as a Borrower
You have the right to:
- written information on my loan obligations and information on my rights and responsibilities as a borrower;
- a copy of my MPN either before or at the time my loan is disbursed
- a grace period and an explanation of what this means;
- notification, if the Department transfers your loan to another servicer without your consent;
- a disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and a loan repayment schedule;
- deferment or forbearance of repayment for certain defined periods, if I qualify and if I request it;
- prepay my loan in whole or in part anytime without an early-repayment penalty; and
- documentation when my loan is paid in full.
You as a borrower are responsible for:
- completing exit counseling before I leave school or drop below half-time enrollment;
- repaying my loan according to my repayment schedule even if I do not complete my academic program, I am dissatisfied with the education I received, or I am unable to find employment after I graduate;
- notifying my lender or loan servicer if I
- move or change my address,
- change my telephone number,
- change my name
- change my Social Security number, or
- change employers or my employer's address or telephone number changes;
- making monthly payments on my loan after my grace period ends, unless I have a deferment or forbearance; and
- notifying my lender or loan servicer of anything that might alter my eligibility for an existing deferment or forbearance.
