Exit Counseling for Student Borrowers

Allegheny College will provide to every student borrower of loans under the FFEL, Federal Direct Loan, or Perkins Loan programs (other than consolidated or Parent PLUS loans) an individualized exit counseling packet of information whenever the student ceases at least half-time enrollment (less than 6 credits), whether due to reduced course load, withdrawal, dismissal, or leave-of-absence.

The exit counseling session will provide information on:

  • average anticipated monthly repayment amounts
  • repayment plan options
  • options to prepay or pay on shorter schedule
  • debt management strategies
  • use of Master Promissor Note
  • the seriousness and importance of the student’s repayment obligation
  • terms and conditions for forgiveness or cancellation
  • rights and responsibilities of students under Title IV, HEA loan programs
  • terms and conditions for deferment or forbearance
  • consequences of default
  • options and consequences of loan consolidation
  • tax benefits available to borrowers