Exit Loan Counseling
Federal regulations require all borrowers to attend loan exit counseling session when they are either graduating, leaving school permanently, or do not intend to attend any school again for at least six (6) months or more. The exit counseling session is designed to help you understand your rights and responsibilities as a student loan borrower and help you successfully meet your repayment obligation.
Six Steps to Complete Exit Loan Counseling
- Go to https://studentloans.gov/myDirectLoan/index.action. You will need to log in with your Federal Student Aid PIN by clicking the green "Sign In" button to access exit counseling guide online. (See the Complete Counseling tab). You then must read through the information and complete the short quiz. The Exit Counseling Guide session may take approximately 30 minutes to complete.
- After you submit your quiz, a summary of your quiz results will be posted.
- Read through your results and click the PROCEED button at the bottom of the page.
- Complete the process by following the on-screen instructions and remember to click the PROCEED button afterwards. At the end of the session, you will be instructed to complete the rights and responsibilities checklist. You must complete this checklist to satisfy exit counseling requirements
- Finally, click the SHOW PAGE FOR PRINTING button.
- You will need to print out the final page, sign that page (anywhere on the bottom), and return to the Financial Aid Office at Platt College.
If you do not pass at least 12 of the 15 questions correctly, you can attempt the test three times. If you do not pass the quiz (a different set of questions each time), then you will visit the Financial Aid Office to complete an Exit Counseling session.
For additional information and helpful tips on Exit Counseling visit the Department of Education’s Guide.
How & why do I need to complete Exit Counseling?
If you had a Subsidized, Unsubsidized or Graduate PLUS loan, you have 30 days after graduation to complete this federal requirement.
Why do I have to complete Exit Counseling?
Student loans, unlike Scholarships and Grants, are borrowed money that must be repaid - with interest - just like car loans and home mortgages. Loans are legal obligations that you have to repay. Exit Counseling will help you understand your rights and responsibilities as a student loan borrower, and will provide useful tips and information to help you manage your loan debt.
I was supposed to graduate but now I am not going to, do I still need to complete Exit Counseling?
No. You will have to complete it within 30 days after your new graduation date.
I am going on to Graduate School immediately, do I still need to complete Exit Counseling?
Yes. You will need to complete Exit Counseling at this time and then, if needed, process an in-school deferment (if you want to postpone repayment of your loans) once you are registered as a graduate student.
Why do I have to complete Exit Counseling if I am in school but attending less than half-time?
You are required to attend Exit Counseling sessions when you drop below half-time attendance.
Do I have to attend Exit Counseling if I never received student loans?