Loan Exit Counseling
Students who have taken out federal loans to help pay for college are required by federal law to have loan exit counseling before they graduate, leave school, or drop below half-time enrollment*. Exit counseling provides important information needed to prepare to repay federal student loans. It reacquaints students with the type - or types - of loan which they have, the amount of their indebtedness, and their rights and responsibilities under each loan program.
Click here to view the Exit Loan Counseling presentation from the Beloit College Financial Aid Office.
Depending on the student's loan, or combination of loans, one site may be more appropriate, or informative, than the other. Students who have multiple loan types may have to do exit counseling at both sites. The following guidelines may be helpful in determining which site is best for you:
- Students who have Stafford or Federal Direct Loans should complete their exit counseling at the StudentLoans.gov website.
- Students who have Beloit College Loans should complete the exit counseling at the University Accounting Service website.
- Students who have Perkins loans may complete the Perkins exit counseling at either site; however, only at the University Accounting Service website will students be able to view detailed information on their Perkins loans including borrowing history, level of indebtedness, and payment schedule. Therefore, the University Accounting Service site will probably be more appropriate, and informative, for Perkins borrowers.
- Students will need their FSA ID and password to enter the website. Students will also be asked to provide the name, address, email address, and telephone number for their next of kin; two references who live in the U.S.; and current or expected employer (if known).
- The student will take a short "exam" specific to their loan program. All questions on the exam must be answered correctly before the exit counseling is considered complete.
Upon completion of the exam, students have the opportunity to print a confirmation for their personal records that they have completed the exit counseling successfully.
- Students holding Perkins and/or Beloit College loans will receive an email directly from University Accounting Service advising them of the exit counseling process.
- Students will need their username and password (created when accepting the loan) to enter the website. Students will also be asked to provide the name, address, email address, and telephone number for their next of kin; two references who live in the U.S.; and current or expected employer (if known).
- The loan counseling process will walk the student through a succession of webpages covering a variety of topics pertinent to student loans - such as where to mail payments, loan consolidation, FERPA regulations, etc.
- The "Loan Information" section consists of six review documents which students are required to read. In order to continue, students must check a box indicating that they have read, and understand, the material. Within the "Loan Information" section, there is a " Truth and Lending Statement" for the borrower in which students will be able to review the details of their specific loans, amount of indebtedness, payment schedules, etc.
- Finally, the student must complete a short exam covering the material presented on the website.
Students who have specific questions after completing the online exit counseling should contact the Beloit College Financial Aid Office directly to schedule an appointment.
* Half-time enrollment is the minimum units in which you need to be enrolled to be eligible for federal student loans (1.5 Beloit units). For information, contact the financial aid office.