loan EXIT COUNSELING

If you borrowed for your education any time as an MIT student, you’re required to have a loan exit interview before you leave MIT for any reason (leave of absence, voluntary withdrawal, medical withdrawal, required withdrawal, graduation, or enrolling less than half-time).

Your loan exit interview is your chance to learn about your rights – including grace periods, repayment options, deferments, and forbearances – and your responsibilities, including when repayment begins and your minimum monthly payments. It’s also a great opportunity to get general information you’ll need to manage your student loan debt successfully.

If you plan to return to MIT after a leave or withdrawal, you will have a registration hold if you don’t complete your exit loan interview before leaving or withdrawing.

Loan exit interview options

We provide two options for an loan exit interview – group sessions and one-on-one interviews with a loan counselor.

• Group counseling – If you’re graduating in June, you must attend a loan exit interview at the end of the spring term. SFS will advertise the dates, times and locations of these sessions on our web site. It’s important for you to tell us which session you plan to attend so we can prepare your individualized loan exit interview materials, including the types and amounts of loan you borrowed.
• Individual counseling – If you leave MIT at any time other than at the end of the spring term, contact your loan counselor for an appointment.

What happens at the loan exit interview?

At your loan exit interview, you will…

• Review what you learned back in entrance loan counseling, such as the consequences of default and the importance of the repayment obligation and the use of the master promissory note.
• Review your total debt.
• Receive an average anticipated monthly repayment.
• Review any repayment options such as standard, extended, graduated, income-sensitive/contingent, and consolidation
• Discuss debt management strategies that will help you with repayment.
• Review deferment, forbearance and discharge rules and procedures.
• Learn about loan information available on the NSLDS web site
• Learn about the Federal Student Assistance (FSA) Ombudsman’s Office.
• Review your rights and responsibilities as a borrower
• Provide updated contact information, such as expected permanent address, address of next of kin, and name and address of employer if known.
• Update any changes to personal information (name, driver’s license number, Social Security number, etc.) if necessary; but be sure to bring the proper supporting documentation to verify these changes.
• Receive contact information for your lender(s).

What to bring to your loan exit interview

• Your cumulative loan history, so you can verify the types and amounts of loans
• Names and complete addresses for two personal references

After you attend your loan exit interview, you should read the SFS loan exit counseling guide and keep a copy for future reference.