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March 19, 2010
Financial Spring Cleaning: Preparing to Leave School
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If you’re in the final year of your program or planning to leave school, there are some things to keep in mind as you go through your financial spring cleaning.
Exit Interview
An exit interview is a counseling session for federal student loan borrowers who drop below half-time enrollment status, withdraw, or graduate school. Your school will arrange and conduct your exit interview. During your interview, you will cover topics like debt management and successful loan repayment.
The exit interview is to ensure that:
- You fully understand your rights and obligations as a student loan borrower.
- You are prepared for your new responsibilities.
- You understand the repayment options for your federal loans and estimates of your monthly payments.
Before your exit interview, make a list of any questions you have regarding your loans or loan repayment. Familiarize yourself with your loan repayment options, and make sure you understand your grace period.
National Student Loan Data System for Students
The U.S. Department of Education has details on all of your federal student loans. You can access your loan information through the National Student Loan Data System (NSLDS).
NSLDSSM will show you who holds your loans, your loan amounts, and when repayment begins. Check it out before you begin repayment.
Income vs. Debt
Leaving college and moving on to a salaried job is exciting. Just make sure you know how to manage your money—and your student loan debt. Figure out how much income you’ll need to make your student loan payments with our Debt/Salary Wizard.
