CAUTION - Many Ferris alumni have received letters from companies offering "student loan debt relief" and "student loan consolidation services". Some are also advertising "New Obama Forgiveness Programs". Our research has found that these businesses are charging exorbitant fees for assisting former students in applying for free federal loan repayment options and forgiveness options. We recommend that students contact their federal or private loan servicers for loan repayment options and avoid any fee-based loan counseling options.
If you are graduating with a degree from Ferris, Congratulations! We are very proud of your success! If you are leaving the university for other reasons, this site still has important information for you if you have taken out loans while attending.
Students leaving the university, either because of graduation, transferring to another school, or ceasing enrollment for any reason must complete exit requirements if Federal Direct Loans or Perkins Loans were received while attending. It is imperative that lenders have your current address, and exit counseling is a way for them to get it. Students that do not update their contact information with lenders may miss important notifications about repayment and risk defaulting on their loans.
Defaulting on student loans can have a significant impact on your financial future, including negatively impacting your credit history. For details about the impact on your credit, please visit our credit history webpage.
By completing Exit Counseling, as required by Ferris, you will not automatically go into loan repayment. If you plan to begin attendance at another college or university before your loan grace period ends you may not be required to make any payment. To ensure you remain in “in school deferment” on your loans, you may want to contact your new school regarding their enrollment reporting methods.
Your Loan History
To locate information related to federal student loans that you have received, refer to the following sites:
For a complete listing of your Federal Direct (Subsidized & Unsubsidized) Loans and Perkins Loan Balances log onto the National Student Loan Data System (NSLDS). This Department of Education database provides information on Federal loans received at Ferris as well as any other schools where you may have attended and received aid.
Private alternative loan totals are NOT provided through these sites and their required monthly payments are not included in the calculation of your repayment. These loan totals should be researched separately if you have applied for and received a third party loan in the past. This includes lenders from our Preferred Lender List such as Discover, Wells Fargo, or Custom Choice. You may have also obtained loans from other lenders that are not included in this list. For current loan total and repayment requirements you should contact your alternative loan lender directly. If you do not know if you have borrowed from a private lender you should contact all schools that have previously attended in order to get information on your borrowing history at that school. To obtain details about ALL loans that you have received while attending Ferris, go to the "Loan History" link in MyFSU under the Academics and Services tab.
If you have multiple student loan payments each month, high payments, or variable interest rates, it may benefit you to consolidate your student loans. Your new consolidation loan interest rate is taken from the weighted average of your existing loans which could reduce the amount of interest you pay. While consolidation can save you money on interest, it isn’t right for every borrower, as it could increase the length of time until you pay your loans off or temporarily lower your credit score by appearing as a new item on your credit report. You may also lose important benefits if you consolidate, such as interest rate discounts, cancellation eligibility, or loss of grace period.
For answers to whether or not consolidation may benefit you, which loans you can consolidate, and how to start the process click here.
To apply for loan consolidation, including selecting your new consolidation loan servicer and your repayment plan, sign in at studentloans.gov then select "Complete Direct Consolidation Loan Application and Promissory Note" link.
In-School Loan Repayment
Students that have taken out student loans are encouraged to make payments toward their loan debt while still in school. Payments you make now will help lower your loan totals upon graduation and reduce the amount of interest you will pay. There are no early repayment penalties on federal student loans. To make a payment toward loans that you have previously taken out contact your loan servicer.