Federal financial aid Direct Loan regulations require you to complete an Exit Interview when you graduate, withdraw from school or drop below half-time enrollment status even if you will transfer to another college or university. The Direct Loan, unlike grants or work-study, must be repaid just like a car loan. Loans are legal obligations that you will have to repay.
The Exit Interview will give you information about repaying your loan including the amount owed, the interest, payment plans and estimated monthly payments that take into account your economic situation. It outlines your rights and responsibilities as a borrower. If you are having trouble making your loan payments, your Direct Loan Servicer can help you avoid damaging your credit rating.
You will need your driver’s license number and the names, addresses and phone numbers for three references to complete the Exit Interview. Follow these steps: