What Happens in School?

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What Happens While You're in School

Each time you receive a loan payment, your financial aid administrator will make sure you're still eligible for the loan proceeds. To stay eligible, you must be enrolled at least half time and making satisfactory academic progress in your course of study.

Here are some points to remember:

You should keep the school informed if your enrollment status changes - for example, if you drop to less than half time.

You'll receive information about your loan while you're still in school- this doesn't necessarily mean it's time to begin repayment. Before you leave school, you must attend an exit counseling session. At that time, your school will give you detailed information about your loan. You'll be counseled about your loan obligations, with the emphasis on selecting a repayment plan and budgeting for loan repayment. You'll also be told about options for postponing repayment, including deferment and forbearance.

Your school will most likely tell you the current interest rate, the date you'll begin repayment, how much your loan will cost you, and how much you'll repay each month.

If you have questions about your loan, you should be able to get the answers during exit counseling. Keep any exit counseling materials your school gives you - this information will be helpful as you repay your loan.

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