student loan repayment manual table of contents - Tufts University

STUDENT LOAN EXIT COUNSELING SESSION4Completion of the student loan exit counseling session is required of all students who have received federalor university (Tufts) student loans while enrolled at TUSDM as mandated by federal and universityregulations. Exit counseling is accomplished during the student’s final semester prior to graduation or atthe time the student withdraws from school or drops below half-time status. Students who plan a leave ofabsence from their academic program are also required to receive student loan exit counseling should theirleave be treated (for financial aid-related purposes) as though they’ve withdrawn from the school. It isimportant to note that exit counseling takes place at the end of the academic program for which the studentreceived federal or university student loans. Although a DMD candidate may intend to continue his or hereducation as a Tufts post-graduate student, he or she is still required to complete exit counseling for aidreceived during their DMD program. The student will be required to complete additional student loan exitcounseling at the conclusion of their certificate or post-graduate degree program for student loans obtainedfor that academic program. Student loan exit counseling is a required component of senior and non-senioradministrative clearance conducted by the Office of Student Affairs – Registration Office. Students whofail to complete exit counseling procedures will have an administrative hold placed on all of their academicand financial aid records. This includes withholding academic services, certifying letters, and/orrecommendations. Additionally, students could be blocked from participating in the clinic until such timethe student completes their student loan exit counseling requirements.Student loan exit counseling is intended to be a helpful tool for borrowers as it provides an opportunity forthem to review the terms of their student loans received while enrolled at TUSDM. It is also meant toprovide useful information on repayment options so borrowers can develop an effective repaymentstrategy. Conditions for deferment will also be discussed for those students who plan to continue theireducation with post-graduate work. Although students might not necessarily enjoy looking at the “bottomline” as to how much they owe, the vast majority feel better after they receive exit counseling havinggained a better understanding of the terms of their loans, their options for repayment and their rights forpostponement of payment if they plan to continue their education or encounter financial hardship. Duringthe financial aid exit counseling session, the Financial Aid Office will review your rights andresponsibilities towards each federal and institutional loan programs available to TUSDM students. Eachborrower will receive a personalized packet of information which includes an itemization of loan programsborrowed, principal amounts of loans outstanding, a review of interest rates, grace periods, defermentoptions, forbearance, estimated monthly payments and various repayment plan options includinginformation on loan consolidation.It is highly recommended (but not required) that you read this manual thoroughly before your exitcounseling session. Borrowers should certainly read this information prior to entering repayment, as it willassist in planning their financial future. Please take note, however, that the information in the manual is notthe ONLY source of information that will help in navigating your way through student loan repayment. Asstudent loan borrowers, your lenders and loan servicers will prove to be valuable sources of informationpertaining to policy, regulations, and repayment options available to you. In addition, their websites arevery comprehensive and often include the ability to download important forms. They also have toolsavailable such as loan repayment calculators to determine estimated monthly loan payments as well as verycomprehensive information on loan consolidation programs and policies surrounding those programs.Many students have borrowed private education loans in conjunction with federal and institutional loans.With the exception of Tufts Loans, the Financial Aid Office is not required to conduct exit counseling forprivate education loans borrowed while the student was enrolled. Private education loans will be discussedduring the exit counseling session in general terms and the principal amount borrowed will be included ondebt summary reports provided to borrowers. Borrowers, however, are referred to their lenders for specific