This section contains important information concerning Federal Direct Subsidized and Unsubsidized Loan exit counseling, repayment, consolidation and forgiveness. If you borrowed these funds during your studies, please read this section carefully so you understand the requirements and the options available to you.
Exit Counseling is an online educational course for borrowers of Federal Stafford Loan and/or Federal Grad PLUS loan funding. The counseling is required for all borrowers who are no longer attending,or are currently registered for less than six credits at Delaware Valley University. Exit Counseling needs to be completed even if you are planning to continue your education at another institution.
How do I complete exit counseling?
Complete your Exit Counseling online by visiting https://studentaid.gov/ and click on the blue Log In button.
What will the exit counseling cover?
Exit Counseling will explain your rights and responsibilities as a federal loan borrower. It also provides information and terms to help you make the right choices about repayment. During the counseling, you will review your total federal student loan debt. As you complete the Exit Counseling, pay special attention to:
- Loan consolidation
- Loan deferment
- Payment options (standard repayment, extended repayment, graduated repayment, and income contingent repayment)
- Loan forbearance
How long will the Exit Counseling Take?
Exit Counseling will take 20-30 minutes to complete. You will need your FSA ID and Delaware Valley University’s Federal School Code: 00325200.
Do I need to notify DelVal when I have completed exit counseling?
You DO NOT need to notify us once you have completed the Exit Counseling. The Office of Financial Aid will receive electronic confirmation once you complete your Exit Counseling.
Do I need to complete Direct Loan and/or Grad Plus loan exit counseling if I have already completed the Perkins Loan Exit Counseling?
Direct Loan Exit Counseling is separate from the Perkins Exit Counseling. You will also need to complete the Direct Loan and/or Grad PLUS Loan Exit Counseling.
When should I complete the exit counseling?
If you are graduating, you should complete the Exit Counseling within thirty (30) days prior to your graduation date. If you are no longer attending or have dropped below half-time attendance, you should complete the Exit Counseling within thirty (30) days from the last date of at least half-time attendance.
Do I need to complete the Exit Counseling if I am going on to another school or enrolling in a new degree program?
Yes, you should complete Exit Counseling even if you are planning to continue your education. The Exit Counseling will assist you in knowing your rights and regulations about the grace period for your current loan(s) and repayment period.
Are there advantages and disadvantages to refinancing student loans?
Refinancing federal student loans means you convert them into private loans. As a result, you will lose access to federal programs, such as income-driven repayment and Public Service Loan Forgiveness. If you run into financial hardship, the help available varies by lender. If you’re relying on federal protections, then you should not refinance your federal student loans. If you’re comfortable without these programs, refinancing could be a smart strategy for paying off your loans.
What is the difference between private refinancing and federal consolidation?
Refinancing can simplify your debt by combining multiple loans into one, but it’s different from federal student loan consolidation. You refinance student loans with a private lender.but you consolidate federal loans by taking out a direct consolidation loan from the federal government.
Federal consolidation combines federal student loans into one new loan, and it lets you choose new repayment terms. Because it doesn’t lower your interest rate, you won’t save money on interest.
Refinancing is done through a private lender and can lower your interest rate if you qualify.
In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances.
Below are a few examples:
Are you undergoing active treatment for cancer?
If you borrowed Federal Direct Loans and are currently undergoing active treatment for cancer, you may request to defer repayment of your Federal Direct student loans for the duration of the cancer treatment and for the six months following the treatment. During an active cancer treatment deferment, interest will not accrue on direct subsidized or unsubsidized student loans. Please contact your loan servicer if you need to request an Active Cancer Treatment Deferment as an application is not yet available.
Wondering whether you can get your federal student loans forgiven for your service as a teacher?
Public Service Loan Forgiveness
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program for Direct Loans.