Student Loan Exit Counseling

Loans must be repaid...

                

     1.      Beginning six months after you drop below half-time enrollment (six

                 credit hours) at NC State;

       2.       Regardless of your satisfaction with the education you were provided;

       3.       Whether or not you finish your degree/certificate program;

       4.       Whether or not you are employed.

 

Repayment of your loans...

     1.   The amount of your monthly payment can be fixed, graduated, or income

             sensitive.

       2.   With the approval of your servicer, repayment can be postponed through

             deferment or forbearance.

       3.   Your loans can be canceled if you die or are totally and permanently

             disabled.

       4.   You can consolidate Subsidized and Unsubsidized loans and/or loans from

             multiple lenders into a single loan with one monthly payment.

 

 

You should know...

       1.   The name of your lender (the agency which loaned you money);

       2.   The name of your servicer (the agency hired by your lender to administer

             your loan);

       3.   The loan type (Subsidized Stafford or Unsubsidized Stafford), loan period,

             and amount borrowed for each loan you've received.

             

Keep in mind...

1. Loans can be sold and servicers can be changed.  This would not alter the amount you owe, but would change to whom you make payments.

2. Read and save all materials sent to you by your servicer.

3. Promptly notify your servicer of any change in your name, address, phone number, or social security number.

4. Promptly notify your servicer if you will not be able to make a scheduled payment.

5. Contact your servicer if you have any concerns, problems or questions regarding repayment.

6. If you have problems with your loans, which cannot be handled by your servicer, contact the U.S. Department of Education’s loan ombudsman at 1-877-557-2575 or http://ombudsman.ed.gov.

 

Consequences of not repaying your loans...

     1.   Your credit report will be tainted for at least seven years.

       2.   You will lose generous repayment and postponement options.

       3.   You will be ineligible for further federal student aid (grants, loans, and employment).

       4.   Your income tax refunds could be seized.

       5.   Your wages could be garnished.

       6.   You could be sued in a court of law.

       7.   You could be assessed late fees and attorney's costs.

 

Contacting your servicer...

 

         Great Lakes Higher Education Guaranty Corporation