Loan Exit Packet
Your Fed Servicer and their phone number are on the first sheet in your packet. Please go online or call your servicer to set up your account and payment options. Your grace period is the time from graduation until the time your payments are due. Your payments will begin 6 months from the date of graduation, and you need to be ready for when that time comes.
If you had a Perkins loan that information is included as well. Those payments begin in 9 months, but it would be to your advantage to begin payments at the same time as your federal loans. ECSI/Heartland is your service provider.
If your parents used a PLUS loan to help pay for your education, that information is included as well.
Please note that at this time, your servicer should not be calling you. If a loan servicer calls you, please ask for their ID number and call them back on the number on your sheet. Do not give out any information over the phone, unless you initiated the contact.
Please remember that your servicers are your friend not your enemy and they have lots of tools in their toolbox to help you. You must stay in contact with your servicers and let them know if you are having or anticipate having a problem with your payments. They cannot be of assistance if they do not know what is going on. Also, you must contact them with any change of address.
The second set of sheets is your NSLDS(National Student Loan Data System) printout. You can go to NSLDS at any time to see the status of your loans. Please go to NSLDS at least once a year to check the status of your loans. If at any time things look different or not what you expected please contact your loan servicer. If you think you have paid in full please check that the NSLDS reflects this.
Repayment of your loans is required, and student loan debt does not go away. If at any time you are overwhelmed with your payment obligations, please contact your servicer. If you add a small amount to your monthly payment you can save on the interest paid on your loan. If you pay more than your required payment one month, that does NOT mean you can pay less the following month.
Studentaid.gov is the government site that manages all the questions you might have. If someone tells you about a program or a payment plan, please refer to this site.
If your packet includes an online EXIT sheet, please follow the instructions and complete any EXIT that is marked.
If you are planning on continuing your studies in graduate school, please contact your servicer with your new school information. If you are beginning your studies while still in your grace period, your loans will remain in deferment. Please contact your servicer with any additional questions.