Exit Loan Counseling
All Springfield College students who have borrowed federal Direct loans and are taking a leave of absence, withdrawing, or graduating will need to go to exit counseling.This is a requirement of the U.S. Department of Education. Springfield College has the right to withhold official college transcripts for students who do not satisfy this requirement.
At an exit loan counseling session, students:
- learn about the various loan repayment options available to them;
- are given their accumulated loan debt borrowed while they attended Springfield College, and other colleges if a transfer student;
- are given an approximate monthly payment based upon their accumulated debt;
- learn when they will receive their first bill;
- learn about requesting a future forbearance or deferment;
- learn the terms and conditions for forgiveness or cancellation;
- learn about loan default and how to prevent it;
- learn about options to prepay or pay on shorter schedule;
- learn Debt Management strategies, including the options and consequences of loan consolidation;
- learn about tax benefits available to borrowers;
- learn how their Master Promissory Note was used;
- learn what the Student Loan Ombudsman's office can do for them;
- are provided with information about NSLDS; and
- are reminded that the borrower must repay the full amount of the loan regardless of whether the borrower completes Springfield College’s program, is unable to obtain employment upon completion, or is otherwise dissatisfied with or did not receive the educational or other services the borrower purchased from the school.
