Student Loan Exit Counseling graphic.

Great Basin College: Student Financial Services

Student Loan Exit Counseling graphic.

The federal authorities requires that you just full a student Exit Counseling session previous to graduating, withdraw or drop beneath half-time standing, didn’t enroll, or positioned on monetary assist educational suspension. This additionally contains if you happen to switch to a different college. You will obtain a letter or e mail notification from the GBC Student Financial Services Office if any one in all these circumstances happen.

The objective of the Exit Counseling Session is that can assist you perceive your rights and duties as a student loan borrower. The Exit Counseling explains intimately and goes over a plan to repay, plan for the longer term, defending and sustaining your credit rating, and the various compensation choices obtainable that you’re entitled to as a student loan borrower.

Your student loan servicers are there that can assist you perceive your choices to search out methods to make reasonably priced compensation obligations to keep away from defaulting in your student loans.

Reminder– student loans don’t go away-unless you repay!

The penalties, which will be extreme, embrace the next:

  • The complete unpaid stability of your loan and any curiosity you owe turns into instantly due (that is known as “acceleration”).
  • You can not obtain deferment or forbearance, and also you lose eligibility for different advantages, reminiscent of the flexibility to decide on a compensation plan.
  • You will lose eligibility for added federal student assist.
  • The default can be reported to credit bureaus, damaging your credit ranking and affecting your skill to purchase a automotive or home or to get a credit card.
  • Your tax refunds and federal profit funds could also be withheld and utilized towards compensation of your defaulted loan (that is known as “Treasury offset”).
  • Your wages can be garnished. This means your employer could also be required to withhold a portion of your pay and ship it to your loan holder to repay your defaulted loan.
  • Your loan holder can take you to courtroom.
  • You could not have the ability to buy or promote property reminiscent of actual property.
  • You could also be charged courtroom prices, assortment charges, legal professional’s charges, and different prices related to the gathering course of.
  • It could take years to reestablish an excellent credit document.
  • Your college could withhold your educational transcript till your defaulted student loan is happy. The educational transcript is the property of the college, and it’s the college’s choice—not the U.S. Department of Education’s or your loan holder’s—whether or not to launch the transcript to you.
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How Do I Do It?

Step 1

Sign in at https://studentaid.gov/app/counselingInstructions.action?counselingType=exit to finish the Exit Counseling. This is a federal requirement.

  • Student will need to have a FSA ID Username and Password to entry this web site. Use the identical FSA ID used to electronically the FAFSA..
  • Forgot FSA ID? Go to https://fsaid.ed.gov/npas/index.htm.

The Exit Counseling can be electronically despatched from the Department of Education to GBC inside 72 hours after completion.

Things You Should Know

  • Read all e mail communication from GBC and your Student Loan Servicer.
  • You won’t obtain a paper invoice assertion out of your Student Loan Servicer, solely emails.

It can be your duty to make your first fee, even if you happen to don’t obtain notification out of your student loan servicer.

If you might be 1 (one) day late in making a fee, you might be thought of delinquent in your student loan account.

  • Avoid Defaulting in your student loans.
  • A maintain can be positioned in your account if you don’t full.

Step 2

Go to https://myfedloan.org

Make Payments

  • Click Sign in Now New student > Create One Now
  • Follow directions > Personal Information
  • Make curiosity funds whereas at school.
  • Know what you owe!

Repayment Options

Call your Student Loan Servicer to make preparations for compensation.

Visit Federal Student Aid web site for compensation plans.

  • Standard Repayment
  • Graduated Repayment
  • Extended Repayment
  • Income-Based Repayment
  • Income-Contingent Repayment
  • Pay As you Earn Repayment
  • Income-Sensitive Repayment

Cannot afford funds?

You could need to contemplate:

Call your Student Loan Servicer for extra data or questions.

Take Steps to Avoid Default

The worst factor you are able to do is ignore or not repay your student loans. Understanding your loan settlement, staying on high of your loan data and ensuring you contact your loan servicer in case you are having hassle making funds to keep away from default.


Step 3

Lost monitor of your student loan documentation?

Sign In: www.nslds.ed.gov to search out your Student Loan Servicer.

Student will need to have a FSA ID Username and Password to entry this web site. Use the identical FSA ID used to electronically the FAFSA.

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Forgot FSA ID? Go to https://fsaid.ed.gov/npas/index.htm

The most necessary take-away out of your Exit Counseling is National Student Loan Database System (NSLDS). This is the U.S. Department of Education’s central database for federal student assist, together with federal student loans.

This database will at all times have up-to-date contact data in your federal assist and student loans.

Student Loan Servicers

Student Loan Servicers are entities paid by the federal authorities to deal with the billing and different providers on federal student loans. You don’t get to decide on your loan servicer – the Department of Education assigns you one.

Financial hardship can occur to anybody. Job loss, medical issues, or surprising payments could make it tough to repay your student loans. If you’re a success with monetary hardship, the first step is name your student loan servicer.

Your student loan servicers could also be one of many following:

  • CornerStone
  • FedLoan Servicing (PHEAA)
  • Granite State-GSMR
  • Great Lakes
  • HESC/EDfinancial
  • MOHELA
  • Navient
  • Nelnet
  • OSLS Servicing.

Be Aware

Beware of Student Loan Debt Relief Scams! You don’t must pay for assist along with your student loans. Student loan servicers are assigned that can assist you.

Office of the Ombudsman

Help with resolving an issue or dispute along with your student loan. If after contacting your student loan servicer and can’t resolve any issues or disputes, you could contact the Federal Student Aid (FSA) Ombudsman for help. The FSA Ombudsman works with federal student loan debtors to resolve disputes or issues from an neutral, unbiased view. You can attain FSA Ombudsman at:

Office of Ombudsman
U.S. Department of Education
830 First Street NE
4th Floor UCP-#/MS 5144
Washington, DC 20202-5144

Toll-free telephone: (877) 557—2575
Internet: fsahelp.ed.gov or ombudsman.ed.gov

Consequences of Defaulting in your federal student loan(s)

Remember, no matter your scenario, you may have the duty to contact your loan servicer.

The penalties, which will be extreme, embrace the next:

  • The complete unpaid stability of your loan and any curiosity you owe turns into instantly due (that is known as “acceleration”).
  • You can not obtain deferment or forbearance, and also you lose eligibility for different advantages, reminiscent of the flexibility to decide on a compensation plan.
  • You will lose eligibility for added federal student assist.
  • The default can be reported to credit bureaus, damaging your credit ranking and affecting your skill to purchase a automotive or home or to get a credit card.
  • Your tax refunds and federal profit funds could also be withheld and utilized towards compensation of your defaulted loan (that is known as “Treasury offset”).
  • Your wages can be garnished. This means your employer could also be required to withhold a portion of your pay and ship it to your loan holder to repay your defaulted loan.
  • Your loan holder can take you to courtroom.
  • You could not have the ability to buy or promote property reminiscent of actual property.
  • You could also be charged courtroom prices, assortment charges, legal professional’s charges, and different prices related to the gathering course of.
  • It could take years to reestablish an excellent credit document.
  • Your college could withhold your educational transcript till your defaulted student loan is happy. The educational transcript is the property of the college, and it’s the college’s choice—not the U.S. Department of Education’s or your loan holder’s—whether or not to launch the transcript to you.

Don’t let this occur to you!

Student Loans by no means go away – until you repay!

For More Information Contact

Student Financial Services
Berg Hall
Great Basin College
Phone: 775-753-2399


Why Great Basin College

Great Basin College needs to be your selection for greater schooling. GBC provides affiliate and baccalaureate degree instruction in profession and technical schooling and educational areas. About 4,000 students are enrolled yearly on-line from throughout the nation and on campuses and facilities throughout 86,500 sq. miles, two time zones, and ten of Nevada’s largest counties. We border Arizona, Oregon, Idaho, Utah, and California. We are GBC!

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