Exit Counseling

What is Exit Counseling?

Student Loan Exit Counseling is a program instituted by the Federal Government to help students understand their rights and responsibilities as they enter the repayment period. Exit counseling is required of all students who graduate, withdraw, or drop below half-time attendance (regardless if you plan to transfer to another school, completing the exit counseling does not prevent you from receiving loans in the future). Regulations require you to complete an exit counseling session for your Federal Stafford Loan (subsidized or unsubsidized) and Perkins Loans (if applicable). 

During Exit Counseling you will be given the following information:

  • Names of your lender(s) and Guarantor(s)
  • Telephone numbers for each
  • Loan amount, interest and estimated monthly payment for each loan
  • Name, address and telephone number of the nearest relative and two other references
  • Name, address and telephone number of expected employer (if known)

You can also obtain this information by logging onto the National Student Loan Data System (NSLDS).

Exit counseling will provide you with:

  • Preliminary repayment plan eligibility and estimated repayment amounts based on NSLDS loan information
  • Information on how to manage your student loan repayment
  • Your rights & responsibilities as a borrower in the federal student loan program
  • Forbearance, deferment, hardship, disability, discharge and forgiveness information
  • Other important loan servicing and default consequence information

Borrowers who use Exit Counseling on Student Loans.gov can now select their preferred loan repayment plan.  Those who choose income-driven plans will receive servicer follow-up, since application and additional documentation is required.  For borrowers who choose standard, graduated, or extended repayment, the servicer creates a repayment schedule tailored to the borrower's balance.  If borrowers want to change their plan after the initial selection, they can contact their servicers to discuss options.

Please select the appropriate exit counseling for the loans you have received while attending Montclair State University:

Please print a copy of your exit counseling completion for your records.